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BY 



HENRY A. WALLACE 

Associate Editor of Wallaces' Farmer 




I I WALLACE PUBLISHING COMPANY | M 

M I Eleventh and Walnut Sts, | M 

m I Des Moines, Iowa | M 

g I '* Publishers of Wallaces' Farmer | | 

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Copyright 1920 
By'the Wallace Publishing Company 

All Rights Reserved 



m -5 1920 



©aA566384 



D O 

PREFACE 



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THIS book is written for all those who may be interested in the 
matter of prices of agricultural products, but more especially 
for the farmers of the corn belt states, students of agricultural col- 
leges, county agricultural agents, and leaders of farm organiza- 
tions. Its purpose is to promote a better understanding of the 
factors which influence prices of farm products and stimulate an 
intelligent interest in statistical economics. 

Aside from a rather small number of specialists at the larger 
terminal markets, few of the people who buy or sell farm products 
have any very definite ideas concerning the legitimate price-making 
forces. A better understanding of such forces by farmers gener- 
ally should in itself gradually bring about prices which will ap- 
proach more nearly cost of production, and tend to reduce the 
violent fluctuations above and below the compensatory average. 

A careful study of the facts herein set forth should aid leaders 
of farm organizations to avoid costly mistakes which too often re- 
sult from hasty and ill-considered action. 

While not written primarily for economists, I trust many of 
them may find something of practical value in the matter herein. 
They may, perhaps, feel that at times I have not been as respectful 
as they would like toward many of the ideas of the classical school, 
but I have no apologies to offer on this score. In anticipation of 
possible criticism of liiy treatment of cost of production, I shall 
ask them to remember that I use "cost of production" as a ratio 
concept (if need be, a shifting ratio) and not as a cost-accounting 
concept. I may say, also, that I hold to no particular philosophy 
of economics unless a very firm belief in the utility of thoro math- 
ematical price studies might be considered as constituting the basis 
of a philosophy. 

While the book is frankly written from the farmer's point of 
view, there is no bias whatsoever to the mathematics used, and it is 
believed that so far as it may influence opinion and practice, the 
results will in the long run benefit both farm producer and city 
consumer. 

Students who may take up this book for serious study will get 
the greatest good from it b}'' following prices of agricultural prod- 



4 Agricultural Prices 

ucts f rora day to day and month to month, and noting when the re- 
lationship is normal and, when abnormal. In this way they will 
acquire habits of intelligent observation of price trends that should 
prove of very great value to them when they get into business for 
themselves. 

If this book is used as a college text, it is hoped that it will be 
by classes which are especially concerned in applying statistical 
laws to agricultural prices. Such classes should have free access 
to calculating machines, multiplying tables, etc., and should make 
a serious effort to work out various ratios and also to work out 
supply and demand laws for various farm products by means of 
correlation coefficients, lines of regression, etc. The tables given 
in the appendix should be of some value as a source of raw material. 
For further material, it is suggested that the Year Books of the 
United States Department of Agriculture, the Monthly Crop Re- 
porters of the Bureau of Crop Estimates, and the Reports of the 
Chicago Board of Trade be consulted. A good book on correla- 
tion coefficients, etc., is Yule's Theory of Statistics. The teacher 
of the suggested class in agricultural price statistics should sim- 
plify the mathematics to mere method, not concerning himself or 
his pupils with the theory back of it all. Wherever possible, the 
teacher should study very carefully the January and April, 1919, 
volumes of The Review of Economic Statistics, published by the 
Harvard University Press. The methods as exemplified in these 
volumes can very profitably be applied to the field of agricultural 
prices. 

Acknowledgement is made to Professors J. M. Evvard and E. 
G. Nourse, of the Iowa State College, and to Professor F. A. Pear- 
son, of the University of Illinois, for criticisms and helpful sug- 
gestions. 

Henry A. Wallace. 



D O 

TABLE OF CONTENTS 



PART I. 

Our Present Price-Registering System'. 7 

The Three Price-Making Forces 11 

Criticism of Our Price-Making System. 15 

Supply and Demand 20 

Can "Price" Make "Supply and Demand".? 22 

Cost of Production 26 

Ratio Method of Determining Cost of Producing Hogs 30 

Supply and Demand Versus Cost of Production 36 

Cattle Prices and the Ratio Method 39 

Packer Prices and the Ratio Method 41 

Milk Price Determination 44 

Cost of Producing Crops 49 

Consumers' Ratios 52 

Technique of the Ratio Method 57 

Limitations of the Ratio Method 60 

Retail and Wholesale Prices 62 . 

Pork Exports the Barometer of Corn Belt Prosperity 64 

Corn Belt Land Values and the Cost of Producing Corn 72 

Price Stability and Soil Fertility. 74 

Measuring Total Crop Production 75 

PART II. 

Mathematical Study of Supply and Demand in the Hog Market 81 

Predicting the Future of Hog Prices 98 

Limitations of the Mathematical Method 103 

Conclusions Based on Ratios and Mathematics of Supply and 

Demand 106 

Appendix 113 



OUR PRESENT PRICE-REGISTERING 
SYSTEM* 

PRICES of corn belt food staples are registered more promptly 
and more delicately on the Chicago Board of Trade than any- 
where else in the world. The farmer visitor in Chicago, who has 
a few minutes to spare, finds it very interesting to look down from 
the Chicago Board of Trade galleries on the corn pit. For several 
minutes, the pit may be the dullest thing imaginable, and suddenly 
news will "break." Perhaps it is the month of August, and it has 
begun to rain in Nebraska. As a result, certain operators are 
anxious to dispose of the corn for which they had contracted. 
Perhaps it is 9 :30 on another August morning, and the tempera- 
ture, even this early in the day, is 85 degrees, and the prospects 
are for hot winds sweeping Kansas and southwestern Iowa. Men 
who have sold corn "short" a few days before, on the strength of 
local rains, are now thoroly scared, and rush into the pit to buy 
back before the price runs up more than three or four cents. 

The farmers sitting in the gallery, watching the speculators 
buy and sell "paper" corn, by shaking their fists and nodding their 
heads, feel that the Board of Trade is a gambling institution. So 
firm is this conviction that several of our largest farmers' organ- 
izations have gone on record as being opposed to the speculative 
system as a method for registering prices of farm products. 

So far as the business world is concerned, the system of buying 
and selling future contracts employed by the Board of Trade is in 
the nature of risk insurance. A feed concern may have sold to 
farmers twenty carloads of their feed at a price based on $1.20 
corn. They have not bought this corn as yet, and do not have 
room to store it. They therefore buy a contract for future deliv- 
ery at $1.20, in order to protect themselves against corn going 
up in the meantime. This feed concern is in the manufacturing 
game; it can not afford to take a risk, and for that reason buys 
a future on the Board of Trade. When this feed concern accepts 
the actual corn, it sells the contract. It may make or lose money 
on the purchase and sale of the contract, but in either event the 



*It is suggested that those who are especially interested in a study 
of speculative markets read "Braces' Organized Speculation," or "Em- 
ery's Speculation on the Stock and Produce Exchanges of the United 
States." 



8 AGRICULTURAIi PrICES 

net result is that the actual corn cost $1.20 per bushel plus the com- 
mission charge of a fraction of a cent per bushel. 

The speculator takes the risk, and the spirit in which he ap- 
proaches the game is often the gambling spirit, pure and simple. 
But, like all shrewd gamblers, he takes his risks as shrewdly as 
possible, and after a time becomes expert in judging the probable 
effects of weather, political news, transportation difficulties, etc., 
on corn prices. And these factors are more real than some of our 
agitators would have us believe. 

But while speculators perform a real service to society, there 
is nothing angelic about them. They are concerned with a profit, 
not with service. The professional speculator is generally either 
"long" or "short" of the market; that is, he has corn bought or 
sold for future delivery. The man who has December corn bought 
for future delivery at $1.20 per bushel is hoping with all his energy 
that the corn crop is short and price will therefore advance, that 
transportation difficulties will materialize, that an unusual demand 
will spring up from Europe for foodstuffs, that something will 
happen to send up the price. He is favorable to the promulgation 
of an 3'^ kind of news which will help him to sell his corn at a profit. 
While the Board of Trade has regulations against the dissemina- 
tion of false news, nevertheless these men at times seem to be able 
to color the crop news very effectively. Situations develop where 
most of the professional speculators are on one side of the market, 
and where they are apparently able to use propaganda to force 
prices very rapidly either up or down, at the expense of the ama- 
teur speculators. 

The products most traded in on the Board of Trade are wheat, 
com and oats, and to a lesser extent the cured hog products, rib 
sides, lard, and mess pork. The smallest units traded in are 5,000 
bushels of grain and 50,000 pounds of provisions. In the case of 
the grains, the contracts most commonly traded in are contracts 
for delivery in December, May, July and September. In the case 
of the pork products, the contracts most traded in are contracts 
for delivery in January, May, July and September. Before the 
war, trading in December corn customarily opened in the month 
of May. The price of December corn as quoted in May was neces- 
sarily based on the supposition that the ensuing crop would be a 
normal crop, neither greater nor less than the average. If there 
was cold, wet weather in May or June, the price advanced. If the 
weather was warm and rather dry, the price declined slightly. 
However, as a general proposition, before the war, the price held 
practically steady during the months of May and June. During 



OuK Present Price System 9 

July and August, however, com values on the Chicago market oscil- 
lated back and forth with rainfall and drouth, registering the 
changes in marvelously delicate fashion. Customarily, before the 
war, it took an average rainfall, in the seven great corn states, of 
about one and a quarter inches during ten days, to hold the price 
of December corn futures practically stationary. A rainfall of 
as much as one and three-quarters inches in a ten-day period dur- 
ing Julj'^ and August would ordinarily depress the price by several 
cents a bushel, whereas a ten-day period with no rainfall at all 
would customarily advance the price by eight or nine cents a bushel 
or even more if the temperature was high. 

Anyone who studies these things is surprised at the accuracy 
Avith which the market price before the war actually reflected crop 
conditions as they changed from day to day. Since the war, it has 
been more difficult to measure the price-making forces. Political 
conditions in Europe even during the months of July and August 
often have had as much influence as the weather in determining 
the price of corn. 

The Board of Trade has to do v/ith both cash grain and future 
trading. So far as prices are concerned, the cash market is sup- 
posed to be less sensitive than the market for futures. The busi- 
ness of the future market is to register changing conditions as 
promptly and accurately as possible. Occasionally, however, arti- 
ficial situations develop. For instance, in a year of a very good 
corn crop, a large number of speculators may have sold December 
corn "short" at around $1.20 a bushel. At the time of the sale, 
they may have had every reason to believe that they could eventu- 
ally buy the actual grain for less than this price when the month 
of December finally arrived. Then gradually transportation dif- 
ficulties began to grow and bad weather came on, and altho there 
might be an enormous crop in the country, there would be very 
little corn in Chicago. Then certain other speculators might go 
to work buying large quantities of December corn futures, knowing 
that other men were "short" a long line of December corn at $1.20. 
These speculators might not actually want the corn, but neverthe- 
less, by playing the technique of the market, might be able to create 
a "squeeze" and force the price of corn up to $1.50 a bushel before 
permitting the "shorts" to settle. And this might happen in spite 
of the fact that by January 2d there might be enough actual corn 
coming into Chicago to enable cash corn to be sold as low as $1.20. 

The object of this book is neither to praise nor condemn the 
speculative system as a method for registering prices of farm 
products. We are pointing out the strong points in the present 



10 Agricultural, Prices 

system. Idealistic social workers, representatives of organized 
labor, and many farmers, would like to do away with the specu- 
lative system of registering prices. They would like to substitute 
therefor price-fixing legislation. These people, as a rule, are 
densely ignorant of the legitimate price-making forces, and it is 
impossible that they should be able to shape a price-registering 
machinery superior to that which we now have.* 

One reason for the writing of this book is the belief that organ- 
ized farmers and organized labor, working in conjunction with 
certain idealists, will make an effort to modify our present price- 
registering system. We are heartily in sympathy with such an 
effort, for the speculative system is far from perfect. But it is 
such a delicate system of registering prices that we believe that 
even the most virulent opponents should allow the system to run 
unchecked for a good many years yet, in order that they may study 
its functions more carefully. Here is a great field of research 
for the economists, who for some unknown reason have failed to 
study Board of Trade prices during the past fifty years as closely 
as they should. 

Improvement on our present system can be made only after a 
thoroly scientific and dispassionate study of its strength and 
weakness. 



*The following defense of the functions of the Board of Trade was com- 
piled by Mr. John R. Mauff, the secretary: "The Chicago Board of Trade has 
exclusive characteristics, indispensable to the welfare of the producer and con- 
sumer. It offers the producer a constant and infallible fluctuating market, de- 
termined and regulated by the inexorable law of supply and demand. It creates, 
thru the trading of its large membership, representing the various branches of 
agricultural and industrial activity, continuous quotations that are collected and 
distributed generally and without cost to the public. There is thus presented 
the opportunity for the producer to determine at any time the exact value of his 
products. A further advantage is that he can dispose of these products at any 
time by making a future delivery 'hedging' contract to suit his inclination, re- 
gardless of bad roads or transportation problems. Another benefit is the large 
and daily open competitive market in which to display his wares before a multi- 
tude of buyers simultaneously, obviating the otherwise impossible task of com- 
municating with this diversity of demands by personal effort. Protected at all 
times by a set of rules and regulations holding its members to a strict account- 
abilty for their proper conduct as commission merchants; mandatory for sus- 
pension or expulsion for any violation of the ethics of trade. Having at their 
disposal a variety of ability only to be found in a large membership, insuring in 
this way proper handling and attention because a strenuous effort is always 
masterful and resourceful where competition is rife. Dissemination of statistics 
relating to agriculture; the benefits of terminal elevators equipped with modern 
apparatus for the proper care of sample grades. For consumers, car shortage 
and other ti-ansportation difficulties productive of business stagnation overcome 
by the opportunity to purchase for future delivery the raw material where 
'short' sales of product call for protection. Consummation of contracts possible 
at all times thru the machinery of a market for future delivery at continuous 
prices, reliable to the fluctuations of a small fraction — one-eighth of one cent 
per bushel. In conclusion, and by no means least, the facihties offered for thus 
establishing value in every part of the United States, with no inequahty because 
of geographical location, and so a death knell to the exploiters of producers and 
consumers because of this knowledge widely disseminated and so easy of 
understanding." 



THREE PRICE-MAKING FORCES 



./ 



THREE forces are prominent in making agricultural prices — 
cost of production, supply and demand, and strategic consid- 
erations. Farmers and laborers believe that cost of production 
should be the chief consideration. Business men preach "supply 
and demand" as the great price-making force, and in addition use 
strategic propaganda when it is to their advantage to do so. 

Cost of production in the long run is on the average practically 
identical with both the supply-and-demand price and the actual 
price. It is in the very nature of things that those producers 
who can not on the average get cost of production will go out of 
business. In the case of the hog business, it takes about three 
years for the average man to get in and out. Ten years, which 
is fully three times the "in and out" cycle, is "long run" in the hog 
business. A ten-year average of actual hog prices should there- 
fore be approximately equal to a ten-year average of the cost-of- 
production price of hogs. As a matter of fact, we find that the 
cost of production, as shown by the corn-hog ratio, is practically 
the same from one decade to the next. Decade after decade, the 
corn-hog ratio has remained constant at eleven to twelve bushels 
of Chicago corn per hundred pounds of Chicago hog ever since 
the Civil war. Farm management investigations indicate that 
for the average farmer this ratio represents approximately cost 
of production. As a matter of fact, this ratio is "cost of produc- 
tion" in the very truest sense of the term. This ratio represents 
the reward necessary to keep enough farmers producing hogs to 
satisfy the consuming demand, year in and year out.\ Stated thus 
baldly and simply, we see how the cost of producing a hundred 
pounds of hog weight must in the long run average the same as the 
"actual" price and also the "supply and demand" price. And yet 
hogs may sell for a year or so for the value of fifteen bushels of 
corn, as they did in 1866 and 1910, or they may sell for a year or 
so for the value of nine bushels of corn, as they did in 1908 and 
1917. -'At any given time, the cost-of-production price is likely 
to be decidedly lower or higher than the actual price or the supply- 
and-dema,nd price. It is only on the average that cost of produc- 
tion becomes identical with the actual price. 

Supply-and-demand price departs from the cost-of-production 
price at any given time because of such things as unusual weather, 
accidents, etc. vDry weather in July and August may cut the corn 



12 Agricultural Prices 

crop short, and as a result temporarily increase the number of 
hogs marketed. Under such conditions, the packer buyers make 
no attempt to pay for the hogs the increased price which the higher 
price of corn would warrant, but instead buy as cheaply as they 
can, quoting in defense, "supply and demand." 

..-<A business panic may come on, as in October of 1907, and as a 
result the demand for meats of all kinds may shrinkNs, Corn prices, 
the cost of producing hogs, may stay up, as Avas the case in 1907- 
1908, but hog prices nevertheless are reduced. A study of the 
hog market for many years past reveals the fact that the imme- - 
diate price-making force is "supply and demand," and that "cost 
of production" has no influence whatever on prices except in the 
long swings. 

The supply-and-demand theory of prices is well understood by 
nearly every one. Supposedly, actual prices at any given moment 
represent an equilibrium of supply and demand. The next day 
larger supplies come in, and the demand remains unchanged ; natur- 
ally the price declines to a point where supply and demand are 
again equal. There is a presumption in the minds of many people 
that supply and demand interact with almost mathematical accur- 
acy to determine prices. In the long run, possibly this is true. 
The day-by-day price, however, is as much a matter of psychology 
as mathematics. 

This brings us to a consideration of those more intangible price 
forces which may be grouped together under the head of strategy. 
In January and in August of 1919, we had excellent examples of 
the use of strateg}'^ as a price-making force. In both months, cer- 
tain powerful interests worked in conjunction with the newspapers 
to modify public psychology in the interests of lower prices. Day 
after day, the lower price bombardment was directed against the 
farmers by the daily press and the politicians. Prices declined in 
spite of the fact that the supply was greatly curtailed and the 
potential demand was as great as ever.\ In the corn market, re- 
ceipts were exceedingly light at Chicago during both price raids. 
Hog receipts in August of 1919, when prices dropped $5 per hun- 
dredweight, were the smallest of the year. But government offi- 
cials constantly talked about the vast army supply of bacon. As 
a matter of fact, the quantity of pork products put on the market 
by the government was not enough to account for much of a drop 
in hog prices. But the publicity which went with the government 
announcements, combined with determined pressure on the specu- 
lative markets in this country and abroad, sufficed to lower prices 



Three Price-Making Forces 



13 




Solid line shows exports from U. S. Dotted line, 
ocean freights from New York to Liverpool. Ocean 
freights are low in summer when exports are low, and 
high in the fall when exports are heavy. 



tremendously in de- 
fiance of any math- 
ematical expression 
of supply and de- 
mand. 

There is a strat- 
egy to the timing of 
a determined price 
drive^X All farmers 
know that such a 
drive may be ex- 
pected in the fall of 
the year. A drive 
in the fall is partly 
normal as a result 
of the increased supply at that time, but oftentimes strategic. In 
the fall of 1865, following the Civil war, there was a determined 
price drive, roughly corresponding to the price drive initiated in 
August of 1919. In both cases, strategic factors were apparently 
paramount. Certainly, no mathematical formulation of the law 
of supply and demand could account for the price changes which 
took place in 1865 and 1919.\ 

Farmers have discovered since 1914 that such disturbances as 
foot-and-mouth disease, interrupted railroad service, and falling 
foreign exchange may influence prices without changing either 
potential supply or potential demand. They have suspected the 
"interests" of manipulating foreign exchange in the fall of the 

year to make lower price for 
farm products. They have known 
that ocean freights have gener- 
ally advanced in the fall of the 
year, to the detriment of farm- 
product prices in the United 
States, and they have suspected 
that part of this advance in 
ocean freight rates was due to 
England trying to get a large re- 
turn on her shipping and at the 
same time buy her food more 
cheaply. 
Solid line, u. s. exports; dotted line, The two charts presented 

British exchange in U. S. Dotted line i •,i • j* . .i i 

is inverted to show how heavy exports nerewith indicate the normal sea- 

and weak exchange go together. Chart i , j j • j.i j j 

is based on 1903-1913 conditions. sonal trends, during the decade 



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14 AGRICULTUBATi PrICES 

preceding the war^ of exports from the United States as related to 
British exchange, and to ocean freights from New York to Liver- 
pool. It will be noted that United States prices must necessarily 
be weakened in the fall of the year by weak British exchange and 
high ocean freights. 

The speculative price as set from day to day is sometimes a 
result of technical situations altogether apart from supply and 
demand. Ordinarily, the speculative price as represented by 
"futures" and the cash price move in sympathy, but occasionally 
a scared "short" finds the market oversold and bids up prices un- 
duly in an effort to cover, or a tired "long" finds the market over- 
bought and sends prices down unduly in an effort to sell. And 
occasionally there is manipulation — interests working together to 
make the price temporarily higher or lower than a normal working 
of supply and demand would justify. Sometimes the cash markets, 
following the lead of the speculative markets, may get out of line 
with ultimate supply-and-demand conditions for several months 
at a time. 



CRITICISM OF OUR PRICE-MAKING 
SYSTEM 

y/y^RICES of corn, hogs, etc., are determined chiefly by supply 
A and demand, together with the occasional influence of stra- 
tegic manipulation. \ The system as operated by the packers and 
Board of Trade speculators really reflected conditions before the 
war with remarkable accuracy. During the war, so many extraor- 
dinary conditions were at work that it was impossible to measure 
supply-and-demand conditions at all accuratel}'^, and it is impos- 
sible to say how efficiently the speculators did their work. 

But speculators and packers, in so far as they set prices, are 
concerned solely in making a profit for themselves. If, by manip- 
ulating the market, they can make a bigger profit than by trying 
to express supply-and-demand conditions with mathematical ex- 
actitude, then they may be expected to manipulate. The violence 
with which hog prices swing above and below cost of production 
would suggest that the packers are consciously endeavoring to send 
prices too low for a year or two, in order later to send them too 
high. They go into the low-price period with a small amount of 
high-priced products on hand, and come out into the higher level 
with a large quantity of low-price products. It would seem that 
by laying in a stock of hog products at the low point, they hope 
to profit later hj an advance in price. 

It is typical of supply and demand, as it makes prices of stan- 
dard farm products, that a small crop sells for more than a large 
crop. A twenty per cent decrease in the supply raises the price 
more than twenty per cent, possibly thirty per cent, or even fifty 
per cent. Old Gregory King, in the latter part of the Seventeenth 
century, recognized this principle when he stated: 

"We take it a defect in the harvest may raise the price of corn 
[wheat] in the following proportions: 

Defect. Above the common rate. 

1 tenth raises the price 3 tenths 

2 tenths raises the price 8 tenths 

3 tenths raises the price 16 tenths 

4 tenths raises the price 28 tenths 

Modern statistical study indicates that this statement of King's 
is somewhat exaggerated, but undeniably the tendency exists 
among standard agricultural products for small crops to bring in 



16 Agkicultueal Prices 

a greater return than large crops. In other words, the demand 
for farm products is inelastic. The ultimate consumer wants just 
so much of staple foods, no more, no less. If farmers raise more 
than so much, they must accept a considerable reduction in price; 
if they raise less, they can command an advance out of all propor- 
tion to the shortage. The law of demand for staple farm products 
being inelastic, small crops bring in a greater return than large 
crops.* 

The classical economists, the people of laissez faire persuasion, 
accept this condition as natural, as inevitable, and therefore de- 
sirable. But is it desirable.'' The sharp price rise which comes 
as a shortage becomes apparent benefits those lucky producers who 
have supplies on hand, and especially those keen speculators who 
first saw the oncoming shortage and bought in anticipation. This 
sharp price rise may overstimulate production. The high hog 
prices in 1909-1910 stimulated the production of too many hogs, 
and when this increased production reached market, the price was 
$6.50 instead of the expected $8 to $10. And the low prices of 
1911-1912 in turn begat the high prices of 1913-1914. 

' The question comes. Would it not be to the public interest if, 
in price making, more emphasis could be placed on cost of produc- 
tion and less on the short-time working of the law of supply and 
demand .?\ Prices should rise with a short crop, but not to such 
an extent as to make a short crop more profitable than a normal 
crop. If a moderate rise in prices will not sufficiently curtail de- 
mand, then the public should be educated to the fact that there 
has been a drouth, and that unless they curtail their demand, there 
will not be enough to go around. Of course, under our present 
laissez faire attitude, every speculative business man would take 
such a pronouncement as a "bull" statement, and the demand 
would immediately increase instead of decrease. There is danger 
that any attempt to make cost of production the guiding factor in 
price determination will amount to close government supervision 
of storage, speculation and similar market phenomena. The dis- 
advantages of government supenasion are apparent to all who 
watched the Food Administration at work during the war. \ The 
Food Administration performed a hard job remarkably well, but 
farmers found that the officials were ignorant of agriculture, and 
that, moreover, agricultural interests could not expect a square 
deal except in so far as they were organized to compel a square 

_ *The skew curves of supply and demand, as derived by H. L. Moore 
m his book on "Economic Cycles," furnish mathematical proof of this 
statement so far as corn and oats are concerned. 



Criticism of Our Price-Making System 17 

deal, or except as the emergency itself compelled a square deal 
to insure continued production. 

If farmers are to continue under the present laissez faire sys- 
tem with supply and demand, together with strategic manipula- 
tions, as the price-making force, they must necessarily learn to 
play the game themselves. They will find it necessary to practice 
sabotage in the same scientific, businesslike way as labor and cap- 
ital. They will reduce the size of their crops at strategic moments, 
because they know that small crops ordinarily bring in a greater 
return than large crops. Of course, if farmers should practice 
sabotage in the same heartless, efficient way as labor and capital, 
our society will be imperiled. The burden of the sabotage prac- 
ticed by labor and capital has been borne chiefly by the farmer. 
When farmers also practice sabotage, labor and capital will be 
forced to come to an agreement with farmers on production and 
price matters. 

Is there not a possibility that capital, laborers and farmers, 
by placing themselves in equally powerful bargaining positions, 
may come to see the futility of sabotage as a price-sustaining 
force? Once farmers are able to meet the other classes of society 
on equal terms, all three classes ought to unite on production as 
the source of profit, rather than on clever bargaining. This in- 
volves close-knit organizations of both farmers and laborers under 
the leadership of men well educated in general economics, in stra- 
tegic bargaining, and in production. There must be men studying 
the system as a whole, men who perceive the legitimate physical 
difficulties which our society faces. The labor leaders must come 
to see that there is a point beyond which labor can not go in raising 
wages und reducing hours. Farm leaders must come to see that 
there is a point beyond which farmers can not go in reducing acre- 
age and raising prices. Business leaders must come to see that 
the common people will not stand for curtailment of production to 
two-thirds factory capacity in order to secure abnormal profits, 
when by running the factories to full capacity the business will 
give normal profits. The best brains of all classes must unite in 
overcoming legitimate physical handicaps, not in figuring out 
ways in which a specific class may benefit at the expense of other 
classes. In the meantime, farmers must learn to use sagacious 
sabotage as effectively as labor and capital. Otherv/isc they will 
continue to be at the mercy of capital and labor. 
/ What is the best means of overcoming the food shortage re- 
sulting from drouth ?\ Laissez faire economists and business men 
say: Let high prices curtail demand and stimulate production. 



18 AGuicui/ruRAT. Prices 

But this remedy is "locking the stable after the horse is stolen." 
Is it practical to build government warehouses to store wheat in 
years when the acre yield is more than fifteen bushels, and fror^ 
which wheat may be drawn in years when the yield is less than 
thirteen bushels ?\ 

No scheme of this sort can be definitely laid out in advance. 
But statistical science will soon reach a point where it should be 
possible to meet our physical handicaps in the way of drouth, 
floods and accident, in the spirit of doing what is best for society, 
instead of utilizing the crisis for individual or class profit. 

•^If we are to continue our present complex society, we must 
educate mir children very thoroly in social mathematics. Our prob- 
lems are not only problems of the spirit, but also of exact measure- 
ment. What is the fair price for bacon? This involves the cost- 
of-production idea. Is bacon relatively lower or higher than hogs ? 
Are hogs relatively lower or higher than corn ? Is there a normal 
supply in the country.'' If bacon v/ere lower in price, would the 
future supply be imperiled .?\ Would an injustice be done to farm- 
ers? If bacon were higher in price, would an undue profit accrue 
to the packers, or would the farmers be stimulated to produce tc" 
many hogs a year from noAv? 

J Possibly it will be wise for the government to provide funds to 
finance a Price Publicity Com.mittee, to be made up of economists 
appointed by our state universities and agricultural colleges. The 
duty of this commission would be to make public week by week the 
relevant price facts. They would point out which products are rel- 
atively high and which are relatively low, and issue index numbers 
of various kinds, in an endeavor to educate the public to funda- 
mental price facts. The object of such a Price Publicity Com- 
mittee will be to furnish such constant publicity that it will be diffi- 
cult for any product to sell for any length of time either above or 
below cost of production. And in saying this we define cost-of- 
production price as that price which is necessary in the long run 
to keep enough producers in the business to satisfy the demand. 
It is believed that adequate publicity will favor the prevailing of 
the long run cost-of-production price as opposed to the short run 
supply-and-demand price\ 

Men in whom the laborers of the country have faith should 
have an Intimate, statistical knowledge of the supply and de- 
mand forces as they make prices and as they make for the pro;?- 
perlty of laborers and society as a whole. Men In whom farmers 
have faith should have an intimate, statistical knowledge of labor 
and business problems In order that they may know approximately 



Agricultural Prices 19 

when labor and business are charging fair prices for their services. 
Business men already have a fair statistical knowledge of farming 
and labor conditions, but they need an even more intimate knowl- 
edge, as well as a change of heart. They must learn to operate 
their businesses from the standpoint of greatest service and a fair 
profit, not from the standpoint of greatest profit. Those busi- 
nesses which do not learn this may expect to be taken over either 
by the government, organized labor, or organized farmers, if noh 
in one way, then in another. 



SUPPLY AND DEMAND 

BOTPI farmers and city consumers have expressed much dis- 
satisfaction in recent years with the methods of price deter- 
mination as used by the boards of trade and packing houses. The 
representatives of the boards of trade and packing houses have 
answered these complaints with the simple formula, "supply and 
demand." 

During the war, many people announced that prices in the 
United States were no longer the result of supply and demand. 
For a period of two and a half years, Avheat prices were held at 
approximately $2.20 a bushel, in spite of the fact that both supply 
and demand conditions were varying constantly during this period, 
and in spite of the fact that under supply-and-demand conditions 
as they ordinarily Avork, prices might have been expected to have 
gone as high as $4 and as low as $1.50, at different times during 
this period of two and one-half years. Social workers and others 
of idealistic temperament who have always been pained with the 
rather heartless Avay in which the law of supply and demand has 
worked, Avere much pleased with the stabilized wheat price, and re- 
ferred to it as an instance of the repeal of the law of supply and 
demand. 

/' Of course, the law of supply and demand never has been re- 
pealed, and never will be repealed. Instead of trying to repeal 
it, we should try to secure the best type of price-fixing machinery 
thru which this law may work.\ Man has not repealed the law of 
gravitation, but has devised such machines as automobiles, air- 
planes, etc., thru which he accomplishes his purposes notwith- 
standing. 

Our city friends who favor government attempts to repeal the 
law of supply and demand and to fix uniform and relatively cheap 
prices should direct their efforts toward the search for a new price- 
fixing machinery. For/'^rbitrary interference with this law in- 
variably brings penalties in the form of conditions which often are 
more severe than the condition which it was hoped to improve. 

What we should strive for rather is a better understanding of 
the law of supply and demand, in the hope that we may be able 
to modify the severity of its operation and thus avoid periods of 
feast and famine, with their unreasonably low prices and unreason- 
ably high prices.^- 

Thousands of men in the corn belt, especially the leaders of 



Supply and Demand 21 

the organized farmers, should be familiar with the normal, math- 
ematical working of the law of supply and demand. They should 
know not only when prices are lower than warranted by the supply, 
but just how much too low. Exact 'measurement is necessary in 
order to perceive when unusual factors are at work. The price 
indicated by a mathematical interpretation of supply and demand 
may be $1.25 for corn, whereas the' actual price, because of a purely 
speculative drive, may be only $1./ It is wise to measure prices to 
some extent by purely mathematical considerations, in order that 
we may perceive more clearly when extraordinary forces are at 
work. 

After having arrived at a price based on a mathematical inter- 
pretation of supply and dem.and, the problem is to determine to 
what extent extraordinary forces are at work and to what extent 
it may be worth Avhile to combat them by extraordinary measures.^ 
If corn is 15 cents a bushel below the mathematically justified 
price, will it be advisable for farmers generally to hold their corn 
and cause a shortage at the terminal markets?'^ Will it be advis- 
able to put out newspaper propaganda showing the public how 
the market price of corn is below cost of production, or put on an 
advertising campaign to increase the demand? These matters of 
larger policy are mostly outside the field of mathematics. They 
are largel}'' matters of strategy.X How much bargaining force do 
the farmers represent ? To what extent will they follow directions ? 
At what season of the year is it best to strike .^ 

,^ Generally speaking, a farmers' drive for higher prices would 
best begin about January 1st, and should reach its greatest inten- 
sity about March 1st. After March 1st, seasonal scarcity begins, 
and no further propaganda is needed.\ A consumers' drive for 
lower prices best begins about August 15th, and reaches its great- 
est intensity about October 15th. After October 15th the seasonal 
surplus, especially of corn and hogs, begins, and there is no fur- 
ther need for consumers to bring artificial propaganda to bear. 
It is interesting to note in this connection that the "bear" campaign 
engineered by the governments of the World in 1919 began in late 
July and continued until about October 15th, at which time the 
weight of the season's marketings was sufficient to hold prices 
down without additional use of newspaper space. 

After a mathematical study of prices, the leaders of farm or- 
ganizations, in so far as they attempt to influence prices, must 
consider the state of the export trade, rate of foreign exchange, 
ocean freights, world crop conditions, business conditions at home 
and abroad, and, in fact, all the factors which the trained specu- 



22 Agrictjlturai- Puices 

lators take into account on the Board of Trade. They must take 
all of these things into account, and yet be able on occasion to act 
decisively. They must learn to play the game in the same fashion 
as a skillful whist player. They must not "overbid" their hand, 
but bid its full worth, and they must take all the tricks they can. 
^^^'''''^To have even a fair chance of success in an effort of this sort, 
farmers must set up a very strong statistical organization, in 
charge of a highly competent staff of thoroly trustworthy experts.\^ 
For farmers themselves have neither the time nor the opportunity 
to secure the training necessary to enable them to acquire and as- 
similate the information needed. 



■CAN "PRICE" MAKE "SUPPLY AND 
DEMAND"? 

DISSATISFIED farmers and city consumers have been told 
often that "supply and demand" makes the price. Econo- 
mists have backed up the Board of Trade people and the packeri. 
in making this assertion. 

But is it not almost equally true to say that "price" makes 
the "supply and demand"? Is it not possible to set a price which, 
as can be demonstrated mathematically, is out of line with the 
present supply and demand, and thru this price to create new and 
unexpected supply-and-demand conditions ? 

It is conceivable, for example, that oleomargarine might be 
sold for several years at a price below that warranted by supply 
and demand and equally below a price warranted by cost of pro- 
duction. It i* conceivable that the abnormally low price, without 
reducing the supply, would increase the demand and result in the 
formation of the oleomargarine habit among millions of people. 
And it is equally conceivable that later on the price of oleom.ar- 
garine might be increased more nearly to a parity with butter, and 
that the oleomargarine eating public might continue the oleomar 
garine, even tho it was underselling butter by only 10 cents a 
pound, instead of the 15 cents a pound differential v/hich was ex- 
isting when the habit was formed. 

A low price may be used to create a demand, which y>ull con- 
tinue even after the low price no longer exists. In like manner, a 
low price may be used to curtail the supply of the competing 
article. In the illustration, an artificially low price for oleomar- 
garine might reduce the demand for butter, thereby reducing the 
supply, and increase the demand for oleomargarine, and this situ- 
ation of a reduced supply of butter and an increased supply of 
oleomargarine might continue, even tho the price of oleomargarine 
were later raised to its customary relationship with butter. Price 
may act as a cause and "supply and demand" may be a result. 

In open, competitive markets, "supply and demand" generally 
comes first and price follows after. Before the war, for instance, 
the dominating factor in the corn market was the supply of corn, 
and during the months of July and August, when the new corn 
crop was being made, the price of corn varied with almost mathe- 
matical accuracy with the rainfall and temperature which were 
making the new corn crop. The demand for corn was a fairly 



24 ' AgkicI'Ltukai. Prices 

constant factor. The supply of corn was the price-making force. 

Since the war, corn prices have not been the result of "supply 
and demand" in the sense that they Avere before the war. During 
1919, price often came first in the corn market, and supply and 
demand followed afterward. For example, in January and Feb- 
ruary, 1919, corn prices broke 20 cents a bushel, in spite of the 
fact that receipts at central markets were decidedly below their 
customary level. Influential people ha,d postulated the theory 
that the war was over, and that supply and demand, if given an 
opportunity, would operate to bring about a lower price level. 
They set a lower price level, but supply and demand refused to 
operate on the new level. The lower corn prices which prevailed 
during the spring of 1919, however, probably had a very material 
effect on the acreage planted. At any rate, there was about four 
per cent less corn planted in 1919 than in 1918. 

According to the customary view, when the supply is smaller 
than usual, the price should be greater than usual, and vice versa. 
In the hog market this does not necessarily hold true. In Novem- 
ber of 1907, hog prices were dropped with a terrific jerk, as a 
result of certain unusual conditions. The drop was so great that 
farmers refused to market their hogs, and receipts of hogs in 
November of 1907 were about one-third smaller than in the ordi- 
nary November. The price of hogs was lower than customary by 
about one-fourth, and the supply of hogs marketed was less by 
about one-third. A similar situation prevailed in August of 1919. 
Prices dropped about $5 per hundredweight, or faster than ever 
before in history. Receipts also dropped, and much fewer hogs 
were received than in the ordinary August. 

In both 1907 and 1919, the packers figured that the business 
world was so upset that to be on the safe side they would best buy 
their hogs cheaper than they had been bujang them. Farmers 
were slow to realize just how great the disturbances had been in the 
business w^orld, and failed to understand that in a situation of this 
sort the packers could put thru their program for lower prices, in 
spite of reduced hog receipts for a month or two. It is in the very 
nature of things that the packers can outlast the farmers at such 
a game. The packers know more accurately than the farmers the 
supply-and-demand conditions, and they know that after a hog 
reaches two hundred pounds, it is only a question of weeks till the 
farmer will let him go, no matter what the price. It will take an 
extraordinarily able farmers' organization to beat the packers at 
this game, an organization which holds as its trump card "ultimate 
supply and demand." 



Can "Price" Make "Stjppi.y and Demand"? 25 

Prices may make supply and demand, and supply and demand 
may make prices. First one has the lead, and then the other ; they 
are constantly acting and reacting. Before the war, the relation- 
ship in some commodities might be expressed with almost mathe- 
matical exactness, but there were constant little departures. Since 
the war prices have much more often taken the initiative than they 
did before the war. The result, of course, is a more violently fluc- 
tuating condition of both supply and demand. 

The problem which farmers and city consumers should put to 
the Board of Trade people and the packers is : What are you 
doing to place prices at a point which will result in a more uniform 
supply and a more uniform demand? 



COST OF PRODUCTION 

THE common man prefers to approach the question of price not 
from the standpoint of supply and demand, but from the 
standpoint of cost of production. The laboring man says that he 
has no quarrel with the farmer, that in fact he is glad to pay the 
farmer what it costs him to produce food. Most people take it 
for granted that the just price is cost of production. In July of 
1917, President Wilson gave his scholarly definition of a just 
price : "By a just price I mean a price which will sustain the indus- 
tries concerned in a high state of efficiency, provide a living for 
those who conduct them, enable them to pay good wages and make 
possible the expansion of their enterprises which will, from, time 
to time, become necessary, as the stupendous undertaking of this 
great war develops." 

The idea of a just price, covering cost of production and rea- 
sonable profit, is considerably different from market price or 
supply-and-demand price. The market price typically alternates 
considerably above and considerably below the production cost of 
the bulk of the people engaged in the enterprise. For instance, 
when prices go up and profits become larger, new people are at- 
tracted into the business and production is increased until finally 
there is more supply than there is demand, and then prices have 
to go down and profits become losses, and the people who can not 
produce except at the high prices must go out of business. Both 
the farming world and the business world are composed of a great 
many different men, each of whom is chasing a profit in his own 
way. Many of these men are very short-sighted and are lured 
into an apparently profitable business just at the wrong time, and 
in like manner become discouraged with an apparently unprofit- 
able business at just the wrong time. Under the competitive re- 
gime, it is apparent to any thoughtful business man that both in 
business and in farming the market price or supply-and-demand 
price is almost never the same as cost of production, but fluctuates 
in rather rhythmical manner, now above and then below cost of 
production, tending to equal almost exactly, over any long period 
of years, true production cost. 

Under the market price or supply-and-demand price system as 
it has prevailed, the constant tendency is for the wealthier people, 
both among farmers and among business men, to increase their 
wealth at the expense of the poorer people. Poor people who 



Cost of Peoduction ^ 27 

embark in general business or in farming, no matter how intelli- 
gent, are likely to go into and come out of any particular enter- 
prise at just the wrong time. The average man who is moderately 
well fixed and stays by a particular enterprise year in and year 
out, manages to secure for himself just a little better than ordinary 
wages. The man who is wealthy and expands his operations just 
as prices are starting up, and reduces operations just as prices are 
starting down, secures large profits. 

The fluctuating price system, which means great profits to a 
wealthy few, serious losses and wrecked lives for a few, and a bare 
livelihood for many, is the natural result of the laissez faire policy 
of the old classical economists. Their idea was to let things alone, 
on the theory that, let alone, prices would sooner or later adjust 
themselves to the proper point. In practice, prices almost never 
reach a proper point, but are constantly moving either above or 
below cost of production. One hundred years of laissez faire pol- 
icy have demonstrated beyond a doubt that under such a system 
the wealthy few inevitably become richer, whereas the bulk of the 
people get just enough to keep them going. 

The laissez faire, supply and demand, speculative, or market 
price system, is condemned by nearly every one except the busi- 
ness men who run it and believe they understand its beneficent 
workings, and the economists of the classical type who, in their 
careful reasoning, are unable to think of any other way of deter- 
mining satisfactory prices over any period of time. The common 
people and the lofty idealists were greatly elated during 1917 and 
1918 at the apparently successful working of fixed prices estab- 
lished more or less in defiance of the speculative or laissez faire 
price system. 

Those who have given the most thought to price fixing advo- 
cate as a guide "cost of production plus a reasonable profit." 
But what is cost of production.'^ Even in industries so well con- 
trolled by man as coal mining, where the weather does not enter in, 
there are some mines that can produce a ton of coal for two or three 
dollars, v/hile other mines can not produce a ton of coal for less 
' than six or seven dollars. The North Dakota wheat farmer, in a 
year of rust, may produce wheat at a cost of four or five dollars 
a bushel, whereas the Kansas farmer the same year may produce 
wheat at a cost of only a dollar or a dollar and a half per bushel. 
Shall both the Dakota farmer and the Kansas farmer be paid cost 
of production plus a reasonable profit for their wheat.'' From 
this standpoint we see that there is no such thing as a standard 
cost of production. A single producer may be able to determine 



28 Agkicultuual Prices 

his personal cost of production of a given quantity under a given 
set of conditions. But in the general sense, as it is commonly 
thought of, cost of production is a will-o'-the-wisp, a creature that 
seems to exist but really does not. 

Nevertheless, there is a rough-and-ready method of determm- 
ing cost of production or just price as distinguished from laissez 
faire or supply-and-demand price. We refer to the ratio method 
of price determination. Over a long series of years, cost of pro- 
duction plus a reasonable profit is roughly expressed by the rela- 
tionship which exists between a raw product and the finished 
product. In rough form it may be most easily grasped in the case 
of corn and hogs. Over any long period of years, hogs sell on the 
Chicago market at a price per hundredweight equal to the Chicago 
price of 11.5 bushels of corn. When hogs have sold for fourteen 
bushels of corn, they have sold for more than cost of production 
plus a reasonable profit, while, on the other hand, when they have 
sold for nine bushels of corn, they have sold for less than cost of 
production plus a reasonable profit. All this is not saying that 
certain producers have not been able to make a profit when hogs 
have sold for nine bushels of corn. Neither is it saying that cer- 
tain producers may not have been selling at a loss when hogs sold 
for as much as fourteen bushels of corn. It is simply saying that 
it has required the pulling power of a price for hogs Avhich is equal 
to the price of 11.5 bushels of corn to keep enough men in the hog 
business year in and year out to supply the demand of this country 
for hog products during the past sixty years. This is what we 
mean by the ratio method of price determination. It is the only 
practical method of determining cost of production in such a busi- 
ness as farming, where there are millions of producers working un- 
der a variety of conditions. 

We have the greatest respect for the old laissez faire or specu- 
lative method of price determination. It worked very nicely under 
comipetitive conditions, such as existed before the war. No one 
knows as to whether or not times now are right for adopting a 
different machinery thru which the law of supply and demand may 
work. We offer the ratio method as a method which is probably 
better adapted to a thoroly democratized co-operative society than 
the old-fashioned laissez faire method, which was adapted primar- 
ily to a competitive society. 

The spirit of the ratio method is highly technical. The ex- 
amples given in this book must necessarily be simple. But in 
actual practice, the ratio method would necessarily become quite 
technical, requiring for its administration highly specialized statis- 



Cost of Production 29 

ticians. At the present time very few men are available for work 
of this sort. The ordinary man who tries to fix prices by the 
ratio method is biased by eitlier personal or class interests. A 
notable example of this was the Chicago Milk Commission, com- 
posed of leading citizens of the state of Illinois, which sat from 
December, lOlT, to February, 1918, and finally offered as a meth- 
od of milk price determination the ratio method. The majority 
of the members of this Milk Commission Avere city people, and on 
that a.ccount, consciously or unconsciously, they twisted the ratio 
method so as to bring about a low price for milk. If the majority 
of the commission had been farmers, they could have twisted the 
ratio method to bring about a much higher price for milk. But 
there are now, and in the future will be more, men properly trained 
in the weighting of agricultural index numbers, who can look into 
matters of this sort with a scientific nicety and determine prices 
by the ratio method with the greatest accuracy, by which we mean 
the minimum of bias toward either producer or consumer. 

It is our intention in this book to indicate ways of securing 
ratio prices for various agricultural products. The methods out- 
lined in succeeding chapters are definite and exact ; we grant, how- 
ever, that the}'^ may be made more comprehensive and be further 
refined so as to cover their respective fields in more effective 
fashion. 



RATIO METHOD OF DETERMINING COST 
OF PRODUCING HOGS 

'T^HE ratio method of price determination was first publicly 
X recognized in the United States by the Food Administration, 
in November of 1917. A commission of seven swine men had been 
appointed by the Food Administration to determine the cost of 
producing hogs, and in submitting their report the commission 
adopted practically without change the ratio method of price de- 
termination as advocated in Wallaces' Farmer during the summer 
and fall of 1917. The commission, composed of expert swine men 
from all over the United States, after a careful technical survey 
of the situation and consideration of the figures submitted by the 
author, came to the conclusion that the ratio method actually 
expressed cost of production more simply and accurately than any 
other method.'x 

In its simplest form, the hog producer of fifty years ago 
grasped the ratio idea. Without any statistical investigation, 
the swine growers of those days came to the conclusion that they 
could make money when they sold their hogs for a value per hun- 
dredweight of more than the value of ten bushels of corn. For a 
generation or two, hog men looked on a ratio of ten bushels of corn 
to one hundred pounds of hog flesh as about right, altho they felt 
that such a, ratio might not cover risk. 

From an exact statistical standpoint, take the ten-year period 
extending from 1907 to 1916, inclusive. During that time No. 2 
Chicago corn averaged 66.Q cents a bushel, whereas hogs averaged 
$7.53 per hundredweight. The ratio for that particular ten-year 
period was 11.4 bushels of Chicago No. 2 corn to equal in value 
one hundred pounds of Chicago hog flesh. How uniform is this 
ratio between corn and hogs from decade to decade may be judged 
from the following table, which gives the ratios as they have pre- 
vailed year by year for the past sixty years, and the average 
by decades. The second column shows the number of bushels of 
corn required each year to equal in value one hundred pounds of 
live hog : 





1858-1867. 






1868-1877. 




1858... 




. ... 8.7 


1868... 




. ... 9.5 


1859... 




. ... 7.1 


1869... 




....14.0 


1860... 




....12.4 


1870... 




....11.9 


1861... 




....14.0 


1871... 




....10.2 


1862... 




....10.0 


1872... 




....11.1 


1863... 




. ... 7.0 


1873... 




....12.3 



Ratio Method of Detesmining Cost of Piioducing Hogs 31 



1864. 
1865. 
1866. 
1867. 



. 7.3 
.16.3 
.16.2 

, 7.2 



Ten-year average 10.6 



1874. 

1875. 
1876. 
1877. 



.11.8 
.15.3 
.11.5 



Ten-year average 11.7 



1 878-1 8S7. 



1888-1897. 



1878. 
1879. 
1880. 
1881. 
1882. 
1883. 
1884. 
1885. 
18SG. 
1887. 



. 9.7 
.10.3 
.12.3 
.12.1 
,10.9 
.11.3 
.10.5 
. 9.7 
.11.1 
.12.4 



Ten-year average 11.0 



1888. 
1889. 
1890. 
1891. 
1892. 
1893. 
1894. 
1895. 
1896. 
1897. 



.12.3 
.12.5 
. 9.9 
. 7.4 
.11.8 
.16.5 
.11.6 
.10.8 
.10.7 
.14.2 



Ten-year average .11. 



1898-1907. 



1908-1917. 



1898. 
1899. 
1900. 
1901. 
1902. 
1903. 
1904. 
1905. 
1906. 
190? . 



,14.6 
,12.0 
.13.2 
,11.8 
,11.6 
,13.0 
.10.2 
,10.4 
.13.4 
.11.4 



Ten-year average 12.2 



1908. 
1909. 
1910. 
1911. 
1912. 
1913. 
1914. 
1915. 
1916. 
1917. 



. 8.4 
.11.3 
.15.2 
,11.2 
.10.9 
.13.2 
.11.7 
. 9.6 
.11.5 
. 9.7 



Ten-year average 11.3 



To refine the method to meet market conditions, we need to 
know the ratio between corn and hogs at different seasons of the 
year. There are seasonal periods of over-supply and scarcity of 
both corn and hogs. In November, for instance, the 1907-1916 
price of corn was 67.2 cents and the price of hogs $7.23, or a ratio 
of 10.6 bushels to one hundred pounds of hog flesh, while in March 
of the ten-year period the average price of corn was 61.7 cents 
and the price of hogs $7.66, or a ratio of 12.4 bushels of corn for 
one hundred pounds of hog flesh. In like manner, there is a fairly 
normal ratio for each month of the year and for each week of the 
year. All this is on the assumption that hogs are simply con- 
densed corn. It does not take into account the fact that hogs have 
been made out of corn at varying values during a period of about 
a year preceding time of marketing. Obviously, then, we must 
have a composite corn value. In matters of this sort, statisticians 
know that it is absolutely impossible to weight matters so as to 
represent actual conditions, but at the same time they know that 
absolute accuracy is not at all essential, that in fact a difference in 
weighting will ordinarily make very little difference in results. 



8S 



Agricultural Prices 



While the author person a,lly recommended to the commission 
appointed by the Food Administration to investigate cost of pro- 
ducing hogs, a slightly different weighting, yet nevertheless we 
will use here the weighting recommended by that committee. The 
committee assumed that the corn going into the making of a hog 
was distributed over twelve months ; that during the first month 
2 per cent of this corn went into the hog or its dam; the second 
month, 2 per cent ; third month, 2 per cent ; four month, 3 per cent ; 
fifth month, 4 per cent ; six month, 6 per cent ; seventh month, 
5 per cent ; eighth month, 9 per cent ; ninth month, 15 per cent ; tenth 
month, 20 per cent ; eleventh month, 17 per cent, and twelfthrmonth, 



1907 


1908 


ises 


1910 


13 iS 


19 !Z 


I3i5 


IS 14 


1315 


idi6 


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I9!8 


I9!9 


IS20 


4 3^ 


Gain T. 


r Cwt 
















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.... 



Illustrating the departure of actual Chicago hog prices from the ten-year stan- 
dard ratio, corrected seasonally. 

15 per cent. Securing composite corn values by this kind of 
weighting, we find that as an average of the ten-year period, 1907- 
1916, the January ratio was 11 bushels; February, 11.6 bushels; 
March, 12.4 bushels ; April, 12.7 bushels ; May, 12.3 bushels ; June, 
12.1 bushels; July, 12 bushels; August, 11.8 bushels; September, 
11.8 bushels; October, 11.3 bushels; November, 10.6 bushels, and 
December, 10.4 bushels. 

For sake of example, determine cost of producing hogs for the 
Chicago market for the month of April, 1918. Corn values month 
by month, beginning April, 1917, were as follows: 144.9 cents, 



Ratio Method of Determining Cost of Producing Hogs 33 

163.9 cents, 1T0.7 cents, 200 cents, 197.2 cents, 208.6 cents, 199.2 
cents, 201 cents, 173.2 cents, 180.6 cents, 174.5 cents, and 172.3 
cents. Weighting these on the basis indicated, we get a composite 
value of corn of 182.5 cents. 

The historical ratio for the month of April is 12.7 bushels of 
such composite corn. Multiply 182,5 cents by 12.7, and we secure 
$23.18 as the cost of producing hogs for the Chicago market in 
April of 1918, under the ten-year ratio method. The actual price 
was $17.45, or a loss of $5.73 per hundredweight. The chart 
which is published herewith illustrates graphically results secured 
in the same manner for every month during the ten-year period 
beginning 1907. 

Ordinarily, Chicago No. 2 corn measures very accurately the 
changes in corn value on the farm, the corn out of which hogs are 
actually made. During part of the winter of 1917—1918, Chicago 
No. 2 corn ceased to be quite such an accurate measure as usual, 
for the reason that the quality of the crop was so poor that only a 
small amount of corn graded No. 2, and for the further reason that 
there were severe transportation difficulties. 

Some people have urged not using Chicago No. 2 corn values, 
but corn values on farms as reported to the United States Depart- 
ment of Agriculture, monthly, by crop reporters. This price is 
no doubt compiled with considerable accuracy, but is open to ob- 
jection for the reason that it does not represent a uniform grade. 
In soft corn years, a bushel of corn as valued by crop reporters 
on farms is poor stuff. In such years, there is always a wider 
spread between the farm value of corn and the Chicago No. 2 value 
than in years when the quality is good. It might do fairly well 
to take farm values of corn and farm values of hogs if definite 
grades could be established. If they can not be, it is probably best 
to take Chicago values of No. 2 corn and heavy hogs as a basis, 
making allowance occasionally when exceptional conditions arise 
in the way of artificial prices temporarily created by transporta- 
tion difficulties, and remembering always that the true point at 
issue is to apply a ratio between certain grades of actual feed on 
the one hand and a certain grade of hogs on the other. This is a 
technical matter which really can not be decided by lawyers or 
business men, however competent such men may be to run a food 
administration or a department of agriculture, or by farmers, 
however competent such men may be to feed hogs. It is a matter 
Mhich must be handled by men who understand markets and who 
have had sufficient economic training so that they understand a 
little soraethinff of the making" of index numbers, and who have 



S4 AGKICUI.TUKAT. PllICES 

had sufficient touch with, agricultural conditions so that they un- 
derstand a little something of the technique of feeding hogs. 

Soon after the report of the commission on cost of producing 
hogs, the Food Administration announced among other things that 
it would do its best to pay hog producers, for a hundred pounds 
of hog flesh, the equivalent of thirteen bushels of the corn which 
went into these hogs, the ratio system to apply to hogs farrowed 
in the spring of 1918. It was expected that there would be an 
urgent need for hog products during 1919, and it has generally 
been regarded .that this announcement of the Food Administration 
was wise. The thirteen-bushel ratio was 13 per cent over, the 
historic ratio, and encouraged the transforming of a larger amount 
of corn into hogs than usual. 

When it came to putting the thirteen-bushel ratio into effect, 
in the fall and winter of 1918-1919, the Food Administration did 
all in its power to squirm out of living up to its guarantee. First, 
the effort was made, in the month of September, 1918, to make it 
appear that the thirteen-bushel ratio was based on a ratio between 
farm corn prices and Chicago hog prices, in spite of the fact that 
the pamphlets originally issued by the Food Administration to 
farmers of the corn belt in November of 191T explained the ratio 
on a basis of Chicago corn prices and Chicago hog prices. By 
using fann corn prices, the Food Administration secured a figure 
of about $2.50 per hundredweight lower than if the thirteen-bushel 
ratio had been applied literally as described in the original pam- 
phlets. The Food Administration, however, claimed that it could 
not live up to Its original guarantee, because the export prices of 
pork v/ould not justify it. In this respect, it is interesting to note 
that in August of 1918, just before the Food Administration took 
up this matter of carrying out its thirteen-bushel guarantee, Great 
Britain reduced its maximum price on American bacon by about 
$12 per hundredweight. It is also interesting to note that the 
British Food Administration was making money on its handling of 
pork products, altho it was losing money on its wheat. Those 
American producers who were most familiar with the situation be- 
lieved that there was a concerted effort by the American and Brit- 
ish food administrations to buy the large American hog crop, which 
had been secured by the thirteen-bushel guarantee, as cheaply as 
possible, avoiding its guarantee with such chicanery and deceit as 
an experienced business man knows how to use in case of emer- 
gency. 

The committee of some fifteen men, supposedly representing 
the American hog producers, which met with the United States 



Ratio Method or Determining Cost oe Producing Hogs 35 

Pood Administration in this matter, were not well educated along 
statistical or economic lines, and they went down to defeat in Sep- 
tember, 1918, scarcely realizing just what the Food Administra- 
tion had done to them. Only two members of this committee had 
served on the original commission, and it was impossible for them 
to give the other members a full comprehension of what the ratio 
meant. When the facts became known, widespread indignation 
among the farmers of the corn belt compelled the Food Administra- 
tion to abandon the hypocritical pretense of living up to the thir- 
teen-bushel ratio and come out flatly for a $17.50 minimum, which 
was really a ratio of 10.8 bushels. The Food Administration was 
able to thus repudiate in part its definite obligation to hog pro- 
ducers, because there were no thoroly organized farmers with lead- 
■ers trained to think in terms of statistics and economics. 

The author does not care to create a prejudice against the 
Food Administration. It probably did its work as efficiently as 
any branch of the government during the war. The sole purpose 
is to point out to agricultural students the extreme disadvantage 
under which farmers labor in bargaining with other classes of 
society. It is hoped that as farmers learn to follow the example of 
k:een business men and employ trained experts to look after their 
interests, and as farm leaders become better trained in statistics, 
"economics and business principles, this disadvantage will disappear. 



SUPPLY AND DEMAND VERSUS COST OF 
PRODUCTION 

HAT makes hour-by-hour and day-by-day prices under 
laissez faire conditions is not cost of production, but that 
brute force which we call "supply and demand." In its blind 
groping, this force necessarily approximates cost of production as 
an average of any long period of time. But it never specifically 
recognizes cost of production as a factor which should be con- 
sidered. It approximates cost of production because it has to, 
not because it wants to. 

An illustration of the strategy of the hog market is a case in 
point. Imagine a Monday hog market in early March, at which 
season of the year prices are generally rising. Suppose that in- 
stead of the accustomed 40,000 Monday hog run, 60,000 have been 
received. Suppose that, owing to car shortage or some other 
reason, eastern shippers are out of the market. There is a larger 
supply than usual and a smaller demand, and prices decline 15 or 
20 cents a hundredweight, perhaps very much more. "Supply and 
demand," say the packers and practical economists, with unct'on. 
But at that very time every one may know that the potential supply 
in the country is very small, and the potential demand is very 
great. At that very time this wider situation may be taken fully 
into account by the packers in the prices which they are charging 
for their products to the retailers. The hog market may have 
broken 15 to SO cents, but the lard, ham and bacon markets may 
have held steady or even advanced. 

The packers, in the prices which they pay for live hogs and the 
prices which they charge for hog products, are governed chiefly 
by strategic considerations, Day by day they change their prices 
to meet the surface indications of changing supply and demand 
conditions. They may sometimes exercise such poor strategy that 
they will be compelled to manufacture hog products at a loss for a 
time. The prime consideration is to buy as cheaply as possible 
and to sell as high as possible and yet meet the competition, which 
is rather more active than many farmers have supposed. 

Now it is obvious that a ratio system of hog prices is not com- 
patible with the system employed by the packers, or by any typical 
business man, for that matter. Big business enjoys a speculative 
profit which comes with fluctuating prices. But a daily fluctuat- 
ing price is not consistent with the idea of a just price or a cost-of- 



Supply and Demand vs. Cost of Production 37 

production price. If the packing business were a monopoly under 
government control, stabilized prices under the ratio system might 
be paid with some degree of satisfaction, provided we assume that 
the governmental authorities have a real insight into market con- 
ditions and a thoro understanding of the ratio system of price 
judgment as related to supply and demand. Under the present re- 
gime, however, it is difficult to see much prospect of hog prices 
ever being stabilized, for the reason that under a laissez faire sys- 
tem business profits result from fluctuating prices, those businesses 
profiting most Avhich are best organized and most long-lived, and 
are able to take strategic positions over long periods of time. 

What would happen if cost of production were to be paid in the 
hog market day by day, year in and year out.'' By cost of pro- 
duction is meant the 11.5-bushel ratio, modified seasonally. Pack- 
ers can think of many objections. For instance, they can conceive 
of periods of a year or two at a time when the 11.5-bushel ratio 
would necessitate paying the farmers more for their hogs than they 
could get for the meat. Equally, they can see how it might be 
that for periods of a year or two at a time, they would be able to 
get out of the consumers a price equivalent to considerably more 
than the 11.5-bushel ratio. Admittedly, these objections are sound 
under present conditions ; supply-and-demand price is the only 
price adapted to the laissez faire situation. 

If farmers as a class are to secure cost of production for their 
hogs month after month and year after year, they must organize 
into powerful associations to do business co-operatively. They 
must control the supply of hogs with an iron hand and an intelli- 
gent head. They must be willing to play fair with the consumers 
and not charge more for their hogs than the ratio of the past 
sixty years. In fact, it is conceivable that they might be able to 
sell their hogs at slightly less than the 11.5-bushel ratio of the past 
sixty years. If the organization was really powerful enough to 
enforce the cost-of-production ratio over any period of time, the 
market risk, which has been a very serious factor in the past, would 
disappear. This risk has been such a factor that it is quite pos- 
sible that farmers would be willing to produce enough hogs to sat- 
isfy the market at an eleven-bushel ratio if the risk no longer ex- 
isted. The author estimates that as an average of the past sixty 
years the consuming public has been paying at least 50 cents per 
hundredweight more than necessary for its hog products. This 
extra 50 cents has been in the nature of risk insurance. 

It is conceivable that both farmer producers and city consumers 
might organize to carry this risk between them, the city consumer 



38 Agricultural Prices 

co-operative organizations agreeing in advance to take a certain 
number of pounds of hog products, and the farmer producing or- 
ganizations agreeing to furnish such a quantity of hog products 
on the basis of a corn-hog ratio representing cost of production. 



CATTLE PRICES AND THE RATIO 
METHOD 

A RATIO between corn and cattle does not represent cost of 
production nearly as accurately as a ratio between corn and 
hogs. However, such a ratio, when worked out and applied over 
a long period of years, reveals the interesting historical fact that 
the swings in cattle prices above and below the ratio line are periods 
of about seven years each way. 

A more accurate method is to take into account the fact that 
fat cattle as produced in the corn belt and marketed at Chicago 
are commonly made out of feeders which were bought a few months 
previously, taken to the farm, and finished chiefly on corn, together 
with a little in the way of pasture, hay, silage and concentrated 
feeds, such as cottonseed meal and oil meal. 

As an average of the ten-year period, 1906-1915, ordinary 
1,000-pound feeders on Chicago, in October, cost $51.20. As an 
average of the ten-year period, these same IjOOO-pound feeders, as 
ordinary, Avell-finished fat steers weighing 1,300 pounds each, sold 
the following April for $98.35. During this ten-year period it 
seemed to take $47.15 to cover the cost of feed, risk, labor, etc., 
of bringing a 1,000-pound feeder to l,SOO-pound fat condition. 
Ordinarily, it is substantially accurate to measure these things 
in terms of corn only. During the ten-year period under consid- 
eration, the weighted price of corn was 61.5 cents. Dividing 
$47.15 by 61.5 cents equals 76.7 bushels. As an average of the 
ten-year period it has required the value of 76.7 bushels of weighted 
corn to make a 1,000-pound feeder, bought in October, moderately 
fat for the Chicago market the following April. - The corn is 
weighted on the theory that the steers consume 8 per cent of it the 
month after they are bought, 15 per cent the second month, 20 per 
cent the third month, 20 per cent the fourth, 20 per cent the fifth, 
and 17 per cent the last month. Applying the ten-year ratio to 
the specific month of April, 1918, we find that a 1,000-pound 
feeder in October, 1917, cost $84, and the value of 76.7 bushels of 
composite corn was $139.40, making a total cost of the finished 
1,300-pound steer, $223.40. The actual selling price in the month 
of April, 1918, was $199.55, or a loss of about $23.85 per steer. 
Applying the same method month by month, we get the chart as 
herewith published. It expresses profits and losses with a fair 
degree of accuracy to the ordinary cattleman who buys feeders 



40 



AGKICULTURAi, PkICES 



at the central market and feeds them for five to seven months, 
largely on corn. During the winter of 1917-1918, the chart was 
not quite so accurate as usual, for the reason that the other ex- 



l<30T 


NOS 


iqc? 


iqio 


HII 


HI2 


!9I3 


ISI4- 


ni5 


1911, 


i^n 


1918 


i<)r<? 


S920 


to 


-ha. 


m ^i. 


.r^T^ 


xr 




















2o 


BX - 






- 
















1 




10 


as. 






. 


jj 


a 






L 


1 






A 


JkL,... 


i 




J 


M 


K 


ft 




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> 

t035 


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? 


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Illustrating the departure of prices of 1,300-pound native steers at Chicago from 

the ten-year ratio. 

penses did not mount at this time as rapidly as corn. While heavy 
losses were incurred by cattle feeders, they were not so great as 
indicated in the chart. 

The profits and losses of the big cattlemen of the far-western 
and southwestern states are not to be measured by such a chart. 
Their chief expenses are labor and the cost of pasture. Weather 
conditions affect them directly, whereas Aveather conditions in the 
corn belt affect cattle profits indirectl}^, thru the price of corn. 
During 1917 and 1918, the western cattle men, with the exception 
possibly of those in certain sections of the southwest, which suf- 
fered from unprecedented drouth in 1917, made unusually good 
profits. As a class, their profits were probably not as large as 
the profits of the grain-growing farmers of the middle-west, but 
were far larger than the profits of the cattle-feeders of the middle- 
M^est. 



PACKER PRICES AND THE RATIO 
METHOD 

THE Chicago packers buy hogs as cheaply as they can and sell 
the pork as high as they can. Nevertheless, for months at 
a time they may sell pork products at a loss. Over any long 
period of time there is a fairly constant ratio between the value of 
one hundred pounds of live hog flesh and one hundred pounds of 
lard, ribs or other standard hog products. To simplify matters, 
and for purposes of illustration, we will consider that standard 
hog product, dry salt ribs, which makes up about 35 per cent of 
the live hog. 

As an average of the ten j^ears from 1886 to 1895, dry salt 
ribs (low-grade bacon) sold for the value of 136 pounds of live 
hog. During the ten-year period from 1896 to 1905, ribs sold 
for the value of 137 pounds of live hog. During the ten-year 
period from 1906 to 1915, they sold for the value of 135 pounds 
of live hog. But while this ratio is quite constant over any long 
period of time, it varies considerably according to the season of the 
year. As an average of the ten-year period of 1907-1916, the 
ratio was 136 pounds in January, 132 pounds in February, 127 
pounds in March, 126 pounds in April, 133 pounds in May, 137 
pounds in June, 137 pounds in July, 137 pounds in August, 135 
pounds in September, 136 pounds in October, 140 pounds in No- 
vember, and 139 pounds in December. In April of 1918, hogs 
averaged about $17.45 per hundredweight. Using the standard 
ratio for the month of April, of 126 pounds of live hog for one 
hundred pounds of ribs, we would get as the hog price of ribs 
$21.97. The actual price was about $23.21, or the packers got 
for the dry salt ribs in the month of April, 1918, about $1.24 more 
than the customary ratio. The chart tells the stor}^ extending 
from 1905 to 1919. The black area above the line might be called 
packers' profits and the black area below the line packers' losses 
on the manufacture of ribs. As a matter of fact, the packers' 
profits in the latter part of 1 917 and early in 1918 were probably 
larger than indicated. This method assumes that the packers' . 
manufacturing charges rise and fall in the same ratio as hog prices 
rise and fall. In the rough way, over any long period of time, 
this is approximately true, but it was probably not true in late 
1917. Hog prices at that time were over 200 per cent of the ten- 



42 Agricultueal Prices 

year period, whereas packers' manufacturing costs were probably 
not in excess of 170 per cent of the ten-year period. 

It is conceivable that as the packing business becomes even 
more centralized and further improvements in the use of by-prod- 
ucts are discovered, it may be possible for packers to sell short- 
ribs, as an average of a ten-year period, for a price no more than 
the cost to themi of 133 pounds of hog flesh. Under conditions as 
they prevail at present, however, the 135-pound ratio is approxi- 
mately correct. 

The ratio method of determining profits and losses in the man- 
ufacture of various packers' products is not put forward as an aid 
in any method of packing house accounting. It is, however, put 
forward as a method by which the consumer and the farmer can 



PacKers' Prof l-t and Loss Areas on Mfg y H093 mto Ribs 

1105 1106 mims m'l mo 1111 11 1 1 m i^'mTWsv^ 1 6 ni 7 f^ 1 8 , H H 



»3«e. 


k Per C. 


:. 1 11 i i \ 








I 








! 1 I 1 








La 


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Illustrating when short-rib sides have been above and below their ten-year 
average ratio to live hog prices. 

discover in a rough way when the packers are absorbing more than 
their customary share. 

A similar chart worked out for lard gives much the same re- 
sults, altho at times the profit and loss of the two products do not 
always coincide exactly. For instance, in 1914, lard sold for far 
less than its normal ratio during the entire year, whereas ribs sold 
for slightly more than their normal ratio. In 1919, lard sold far 
above its normal ratio and ribs were below. Similar ratios might 
be worked out for all the various hog meats, and also for cattle and 
the various cuts of beef. What examination we have made of some 
of these ratios indicates that the packers, in their buying of live 
stock and selling of products, regard each product as a law unto 
itself. If there Is a large amount of stored lard on the market, 
on account of the shutting off of the German demand, lard prices 
may be reduced, even tho hog prices are such as to warrant lard 
selling at a dollar or two more per hundredweight. On the other 
hand, if the Allies at the same time are in the market for ribs, the 
prices will be advanced, even tho ribs may be made from hogs at 
a dollar or two less per hundredweight. The problem of the pack- 
ers is to buy as cheaply as possible and sell as high as possible, in 
the knowledge that too wide a spread will invite competition. In 



Packer Prices and the Ratio Method 43 

the case of hog products, a loss may be withstood on a rapidly ris- 
ing market, because the manufacturing loss will be compensated 
for by the speculative profit. This was illustrated during a con- 
siderable part of the year 1917, when most hog products sold at 
considerably less than their normal ratio, but when the packers 
actually made splendid profits, owing to the continual advance of 
prices and speculative gain on products on hand. 

In normal times we regard charts based on principles as stated 
in this chapter as approximately accurate in measuring packers' 
profits and losses in the manufacture of given products. 

It is conceivable that the normal lard ratios may go lower in 
the near future. Corn oil, cocoanut oil, cottonseed oil and other 
tropical vegetable fats are being used as lard substitutes, and as 
a result lard may sell decidedly below its normal pre-war ratio to 
hogs. However, in this case the bacon hog will gain in popularity 
and the supply of lard will be curtailed to a point which will justify 
a ratio almost as great as existed before the war. 



MILK PRICE DETERMINATION 

JUST what price farmers should get for their milk has been a 
peculiarly vexing question. Before the war, farmers selling 
milk to city dealers were in an unusually weak bargaining position. 
When their position became intolerable, they organized into pow- 
erful bargaining associations, many of which were said to be illegal 
under strict interpretation of the law. 

One of the earliest formed and most powerful of these produc- 
ers' associations has been the Chicago Milk Producers' Association, 
numbering 16,000 members and controlling most of the milk that 
is shipped into Chicago or manufactured in the district immedi- 
ately around Chicago. During the years immediately preceding 
the entry of the United States into the great war, this association 
bargained directly with the Chicago milk dealers as to what prices 
the farmer members of the association could get for their milk. 
They held a successful strike in April of 1916, and thereafter the 
Chicago milk dealers seemed to regard the association with con- 
siderable respect. The city press and the city politicians, how- 
ever, felt that the farmers were too high-handed in their disregard 
of certain laws, and forthwith began agitation which finally re- 
sulted in indictments against the leaders in the Producers' Asso- 
ciation. 

In the fall of 1917, the milk producers adopted as their guide 
in arriving at milk prices what has been called Pearson's formula. 
According to this formula, the cost of producing a hundred pounds 
of milk in the Chicago milk district is equal to the cost of 44 pounds 
of grain, plus 188 pounds of silage, plus 50 pounds of hay, plus 39 
pounds of bedding, plus 2.42 man hours of labor. To the valua- 
tion thus secured, certain differentials were to be applied to each 
month of the year, the widest differential being 120.3 per cent, in 
December, and the narrowest 70.6 per cent, in June. This for- 
mula was devised by Professor F. A. Pearson, of the Dairy Eco- 
nomics Division of the University of Illinois, after several years of 
actual cost accounting work in the Chicago milk district. It really 
represents actual cost of production on a large number of farms 
in certain specific years. Using Pearson's formula as a guide, the 
Chicago milk producers asked the dealers $3.71 per hundredweight 
for their milk in November, 1917. The dealers refused, and a 
strike was declared. The Food Administration intervened in an 
unofficial way and induced the producers to agree to a price of 



Milk Price Det.ekmination 45 

$3.22 per hundredweight, pending an investigation by the federal 
government as to a price which should cover cost of production 
and a reasonable profit. 

The Food Administration appointed as a committee to deter- 
mine cost of producing milk plus a reasonable profit, six people of 
essentially city interests and three people of essentially agricultural 
interests. This committee took testimony during the months of 
December and January, and in their report took as a guiding prin- 
ciple in determining the cost of producing milk the ratio method. 
Early in December, the author was asked to present to the com- 
mission a profit and loss chart on milk produced in the Chicago 
district since Januar}'^, 1907, the profits and losses being based on 
ratios between milk prices per hundredweight on the one hand, and 
a composite of corn, oats, bran, cottonseed meal, gluten feed, hay, 
and labor prices on the other hand. These latter ingredients were 
weighted roughly as in the Pearson formula, but corn was given 
greater emphasis. Incidentally, it is interesting to note as cor- 
roborative both of the ratio method and the cost-of-production 
method as employed b}^ Professor Pearson, that the two methods 
give very similar results. Of course, it is conceivable that if Pro- 
fessor Pearson had made his cost accounting investigation in a 
year either of extremely good pasture or extremely poor pasture, 
the two methods would not agree. But taking as he did fairly 
average years, the results check very closely. 

While the Chicago Milk Commission adopted the principle of 
the ratio method, it did so with certain modifications. To illus- 
trate the method as adopted by the Chicago Milk Commission, we 
quote from the report as folloAvs : 

"The commission has therefore selected as a base, representing 
cost of production and a fair profit, the average sale price per 
one hundred (100) pounds over the years 1908 to 1915, inclusive. 
The result of course does not represent present value, due to the 
large advance in cost of feed and labor since that time. The quan- 
tity of feed and labor per one hundred (100) pounds of milk, 
however, is the same in both periods. Considering the eight-year 
period as a base and distributing feed and labor on a basis of 100 
per cent total, the commission developed the following ratio : Nine- 
teen per cent home-grown grains, 19 per cent mill-feeds (wheat, 
bran, wheat middlings, hominy, cottonseed meal, oil meal, gluten 
feed, dry salt), 35 per cent hay (including silage valued at the 
ratio of three tons of silage to one ton of hay), 27 per cent labor. 

"It was agreed by the commission that variations in the prices 
of those four units represent with sufficient accuracy, when ap- 



46 



Agricultural Prices 



plied according to the above ratio, the increase or decrease in the 
cost of production of milk. The only criticism made to this base 
or this plan was by a minority of the members of the commission, 
that the price to the producer during the eight-year period re- 
ferred to was not satisfactory to them. 

"From the monthly price reports issued by the Department of 
Agriculture, the farm prices of home-grown grains and hay are 
obtainable, and from a reliable trade journal published in Mil- 
waukee the wholesale prices of mill-feeds are obtainable. The 
average over the eight-year period from these records is as follows : 
Corn, $1,107 per hundred pounds ; mill-feeds, $1,306 per hundred 
pounds ; hay, 55.7 cents per hundred pounds. 

"It appears fair to the industry that it is entitled to the same 
proportionate increase in the price of its product as has occurred 
in the elements which make up the product. From the records of 
the Department for November, 1917, the beginning of the period 
under consideration, the following prices prevailed, obtained from 
the same sources : Corn, $3,089 per hundred pounds ; mill-feeds, 
$2.3655 per hundred pounds ; hay, 78 cents per hundred pounds. 

"The commission has considered from the evidence and such 
information as was obtainable that the price of labor in November 
represents 50 per cent advance over the average for the eight-year 
period. Using the proportion of feed and labor and prices over 
the eight-year period, and comparing with November prices from 
the samie source of information and on the same products, we find 
the following: ratio of increase: 





w 




6 








0) 


u >. 


^H " 


03rH OJ 






-« 


ce g 




a>05 S? 






ti 


(D " 


S-> tH >> . 


m 




1— 1 


Eight-y 
period 
age. 


Pet. inc 
Nov., 
over 8 
period 


h-l 

'Z 


Corn 


19 


$1,107 
1.306 

.557 


$3,089 
2.3655 

.780 


179 


53.01 


Mill feeds 


19 
35 

27 


81.1 

40 

50 


34.41 


Hay 


49.00 


Labor 


40.50 












100 








177 



"The average price of milk per one hundred (100) pounds for 
the month of November, from 1908 to 1915, inclusive, was $1,768. 
Applying the new index ratio of 1.77, the November, 1917, price 
would be, therefore, .$3.13. In the same manner, the price for any 
month may be determined by taking the average price over the 
eight-year period for that month and multiplying it by the index 



Milk Price Determination 



47 



figure, 1.77. It will be noted that by the use of this method the 
ratio of the costs of feed and labor between the average of the 
eight-year period and the November, 1917, period, is used rather 
than the actual prices of the commodities. 

"The average monthly prices of milk per hundred pounds over 
the eight-year period were as follows : November, $1,768 ; Decem- 
ber, $1,812; January, $1,781; February, $1,737; March, $1.60; 
April, $1,406; May, $1.15; June, $l.oi7. Applying this index, 
1.77 November price, to these figures : November, $3.13 ; Decem- 
ber, $3.20; January, $3.15; February, $3.07; March, $2.83; 
April, $2.49; May, $2.04; June, $1.80." 

This report was signed only by the city members of the com- 
mission. The agriculturally-minded members and the Chicago 



9907 


1908 


1909 


1910 


1911 


l^iZ 


1913 


J9I4 


1915. 


4916 


;9i7 


1918 


f9l9 


oao 


40 c 


:5 G. 


>n?er 


Cv,t. 






















2.0 - 


.. 


, 






k 
















20 c 


i 








- 




^ 


...1. 


k 




J 






k 


ssf^ 


IT Qvf 


^ ^Hf 


r 


i*ir 


n 


If 




40 






,. 




1 








P 


P 




60 " 






.. 














1 


1 






80- 




•• 

























Illustrating when Chicasro milk prices have been above and below their ten-year 
average ratio to feed and labor prices. 

milk producers knew that the prices secured by the ratio method 
as advocated by the commission were not high enough to cover 
cost of production. The fault was in the method of application. 
Hay and labor between them were made to represent, according 
to the commission, 62 per cent of the total cost of producing milk, 
which is altogether too high a weighting. This bad weighting was 
made worse because of the fact that thoroly up-to-date figures on 
hay and labor were not available, and the figures which were taken 
were far lower than those existing at the time when the report was 
actually published. The converting of silage into terms of hay 
instead of into terms of corn is a matter open to grave question in 
view of the fact that silage production costs are almost identical 
with corn production costs, and the alternative market for silage 
is- the corn market and not the hay market. Several other mis- 



48 Aguicultural Prices 

takes were made which might have been avoided if the method had 
been applied by a thoroly impartial body well versed in the tech- 
nique of dairying as well as the weighting of agricultural index 
numbers. The unjust prices secured by the commission should not 
be blamed on the ratio method, but on the way in which it was 
applied. The finest scales are not dependable in the hands of an 
ignorant or a dishonest man. 

We present herewith a historical milk chart indicating profits 
and losses from January, 1908. 

A full description of the derivation of the Pearson formula is 
to be found in Bulletin No, 216 of the Illinois Experiment Station. 



COST OF PRODUCING CROPS 

THERE are two methods of determining the cost of producing 
crops — the cost-accounting method and the ratio method. 
The common method is the cost-accounting system, as employed 
by farm management investigators. For example, it has been 
found that the average farmer in the corn belt puts about twenty 
hours of man labor and fifty hours of horse labor on the average 
acre of corn. This divides up roughly into three hours of man 
labor and twelve hours of horse labor for plowing, three hours of 
man labor and twelve hours of horse labor for disking and har- 
rowing, three-fourths of an hour of man labor and one and one- 
half hours of horse labor for planting, six hours of man labor and 
twelve hours of horse labor for cultivating, six hours of man labor 
and twelve hours of horse labor for husking, two hours of man labor 
and five hours of horse labor for manuring and miscellaneous. In 
addition to the man and horse labor charges are machinery expense, 
seed, manure or fertilizer, insurance and depreciation on the gen- 
eral overhead charges, and the rent of land. With man labor at 
35 cents an hour, horse labor at 18 cents an hour, land rent at $12 
an acre, and machinery and miscellaneous expenses at $4 an acre, 
the total cost of producing an acre of corn in 1919 was about $32. 
On extra good land, the rent was as high as $18 or $20 an acre, 
and the cost of an acre was increased accordingly. However, on 
extra good land the yield was decidedly above the average. The 
average acre yield in Iowa in 1919 was forty bushels, or the cost 
of producing a bushel of corn was roughly 80 cents on the farm in 
the month of December. The 1919 crop was decidedly above the 
average ; with an average crop it would have cost the Iowa farmer 
right around 90 cents a bushel in such a year as 1919. 

The ratio method when applied to corn corroborates the farm 
management investigational method. The ratio method is based 
on the supposition that the cost of producing corn varies with the 
cost of man labor, horse labor and machinery. For the sake of 
convenience, it is taken that the cost of horse labor varies with the 
price of corn, oats and hay, and that the price of agricultural 
machinery varies with that part of Dun's index known as metals. 
Roughly, it is figured that of the cost of producing corn in Iowa, 
35 per cent is represented by land charge, 20 per cent by man 
labor, 15 per cent by corn (used either as seed or fed to horses), 
10 per cent by hay fed to horses, 5 per cent by oats fed to horses. 



50 Agricultukal Pkices 

10 per cent by Dun's metals, and 5 per cent by Dun's miscella- 
neous. Dun's metals are given a lag of two years, and Dun's mis- 
cellaneous of one year, owing to the fact that machinery and the 
miscellaneous overhead expenses entering into the cost of corn pro- 
duction become felt rather slowly. 

Applying the ratio method, we will take as our base the ten- 
year period from 1897 to 1906. During this period loAva land 
averaged about $50 an acre; harvest labor, without board, $2 a 
day; corn, 29.4 cents a bushel; hay, $5.47 a ton; oats, 23 cents a 
bushel; Dun's metals, about $14, and Dun's miscellaneous, about 
$15. The average acre of Iowa corn during this ten-year period 
was worth on a December 1st farm basis $10. 

Now, in 1919, Iowa land was worth about $192 an acre, or 
S84 per cent of the basic ten-year period; man labor, without 
board, at harvest time was around .$5.20 a day, or approximately 
260 per cent of this ten-year basic period. In like manner, corn was 
410 per cent; oats, 280 per cent; hay, 330 per cent; Dun's metals, 
230 per cent, and Dun's miscellaneous, 230 per cent. If land is al- 
lowed a weighting of 35 per cent ; man labor, 20 per cent ; corn, 15 
per cent; hay, 10 per cent; oats, 5 per cent; Dun's metals, 10 per 
cent, and Dun's miscellaneous, 5 per cent, we arrive at 329 per 
cent as the cost of producing an acre of corn in 1919, as compared 
with 100 per cent for the basic ten-year period. In the basic ten- 
year period, an acre of corn actually sold for $10. In 1919, in 
order to come as near breaking even as in the basic ten-year period, 
i\n acre of corn should sell for $32.90. The ratio method gives 
almost identically the same results as the farm management method. 
Both indicate that it cost the average Iowa farmer in 1919 about 
80 cents to produce a bushel of corn on a basis of December 1st 
farm values.* 

The ratio method may be applied to other crops by using a 
somewhat different weighting of the production factors. In the 
case of oats in Iowa, for instance, land may be given a weighting 
of about 35 per cent; man labor, 15 per cent; corn, 10 per cent; 
hay^, 10 per cent; oats, 15 per cent; Dun's metals, 10 per cent, 
and Dun's miscellaneous, 5 per cent. This would indicate that 
oats in Iowa in 1919 cost about 324 per cent as much as in the 
basic ten years. In the basic ten-year period, the average acre 
of oats in Iowa sold for $8. We may therefore conclude that the 



*The chart printed in connection with the chapter, "Pork Exports, 
tlie Barometer of Corn Belt Prosperity," gives forty-four years of profit 
and loss areas per acre of corn in the twelve north central states, the 
method used being the ratio method as described in the above. 



Cost of Producing Crops 51 

cost of producing oats in 1919 Avas 324 per cent of $8, or $25.92. 
With an average yield of thirty-three bushels per acre, the cost 
per bushel was about 78 cents on a December 1st farm basis. 

■ Manifestly, the weak point in the ratio method of determining 
cost of producing crops is the character of the basic period. Did 
the crops actually sell during the basic ten-year period for cost of 
production? Manifestly, in some years they sold for less, and in 
some years they sold for more. As an average of the entire ten- 
year period, they must have sold for at least cost of production, 
or farmers would gradually have reduced their acreage of the par- 
ticular crop under consideration, or else gone out of business en- 
tireh^ As a matter of fact, in the ten-year period under con- 
sideration, 1897-1906, land values were constantly advancing. It 
would seem, on the whole that this particular ten-year period is a 
fair one to use, and that as an average of these ten years crops 
sold for approximately cost of production, no more, no less. 

It is always conceivable that over long periods of time there 
might have occurred changes in supply or demand conditions that 
would make the basic ten-year period altogether false for the pur- 
pose of comparison. For example, in the case of oats, it is con- 
ceivable that tractors, trucks and automobiles might so displace 
horses as to make the city demand for oats decidedly less than 
during the ten-year period extending from 1897 to 1906. The 
oats acreage might therefore be considerably decreased, and oats 
be produced in large quantities only in those sections especially 
adapted to growing oats. It is conceivable, therefore, that the 
ratio method may possibly give the cost of oats production at 
xather too high a figure, a figure impossible of realization, one 
year with another. In the case of standard crops, however, there 
is remarkably little change in either supply conditions or demand 
conditions. Methods of producing corn are pretty well standard- 
ized. The market for corn is almost equally stable. It is be- 
lieved that the ratio method of determining cost of corn production 
W'ill be approximately accurate for the next fifty years. 



CONSUMERS' RATIOS 

DURING the past fifty years, a number of people have set 
themselves to work to measure the shifting economic tides 
with index numbers. The more complete of these index numbers 
really undertake to measure the changing value of the dollar. In 
July of 1914, for instance, Dun's index number was ^119.71, which 
meant that it required $119.71 to buy a certain given amount of 
wheat, corn, oats, pork, beef, butter, eggs, wool, hides, pig-iron, 
lumber, petroleum, etc. On September 1, 1919, it required $238.34 
to bu}'^ these same goods. The dollar of July of 1914 had become 
worth about 50 cents in September of 1919, in its ability to buy 
wholesale products. The consumer, in his buying, has certain 
choices. The man who thinks pork is too high in price can shift 
to beef or mutton ; or he can leave meat altogether out of his ration 
and secure the needed nutrients in dairy or poultry products. 

The producers' ratios, as described in preceding chapters, have 
to do fundamentally with supply conditions. They deal with the 
relation between a raw product and a more finished product. They 
are concerned, but not immediately, with demand conditions. The 
attempt in this chapter is to develop a ratio which gives more par- 
ticular weight to demand conditions. Therefore, ratios are devel- 
oped between a standard index number on the one hand and a given 
commodity on the other. However, because index numbers in- 
clude some of the items of expense entering into the production 
of any commodity, such a ratio also represents to a considerable 
extent a producers' ratio. 

To understand the matter more definitel}'^, we shall look into the 
ratio actually prevailing between Dun's index number and Chicago 
hog prices. As an average of the ten-year period, 1907-1916, 
Dun's index number in January has averaged $120.16, whereas 
hogs during the same period have averaged $6.99 per hundred- 
Aveight. In other words, live hogs have sold per hundredweight 
for about one-seventeenth of the value of Dun's index number. 
On this basis, in January of 1907, the index price of hogs was 
$6.24, whereas the actual price was $6.60, or 36 cents higher. In 
January of 1908, the index price of hogs was $6.59, whereas the 
actual price was $4.45, or $2.14 lower. And so It goes. For the 
period of a year or two, hogs will sell proportionately higher than 
other commodities, and then for a like length of time they will sell 
lower. This is graphically illustrated in the accompanying chart. 



CoNsuMEKs' Ratios 



53 



This chart, it will be noted, is very similar in appearance to the 
corn-hog ratio chart. The chief point of difference is in 191T 
and 1918, during which time hogs sold relatively higher than an 
average of other commodities, as indicated by Dun's index number, 
whereas they were relatively lower than corn. War conditions, 
creating an unprecedented demand for breadstuffs, raised grain 
prices out of all proportion to other commodities. On studying 
this chart closely, it will be noticed that there is a tendency, gener- 
ally speaking, for hogs to sell relatively cheap to other commodi- 



1901 


ms 


1909 


19/0 


t9W 


/9/2 


1913 


1914 


1915 


I9<6 


i9n 


191 S 


1919 


%. 


Profit 


Ver 


Cvit. 


















jj 


6^-5 




















... 1 




I 


S'-^ 




















1 


4^-0 




















■ f 


J.J 






1 














1! ' 1 

' 1 


2t± 




i 


L 


1 




.1 


i 










J 


■ . ' 




i 


l^ 


'^1 




A 


1 


i 


I 


Loss 


„ 


Wve^ 


Cw1[ 




111 


P 






Tf 


1 


r 


2.'- 




f 


T 


















3'-^ 


•• 




•• 















Illustrating the departure of Chicago hog prices from the ten-year ratio between 
hog prices and Dun's index number. 

ties a few months in advance of the time that they sell relatively 
cheap to corn, and vice versa. In other words, the variations 
shown on the chart as given in this chapter are often two or three 
months ahead of the chart as given in the chapter on corn-hog 
ratios. 

A historical study of the ratio between index numbers and Chi- 
cago steer prices indicates that steer prices swing first above and 
and then below their index number value in periods of from five to 
nine years each way, with an average of around seven years. 



54 



Agricultural Prices 



The 1907-1 91 G ratio between Dun's index number and whole- 
5ale prices of certain farm products is given in the following table : 



o 

bD 

O u 

+j CD 

OS P< 



o ^ 

o o 

O T fe 
O Q' . 



>^ JH S 

.^ Ml O 



o — <■ 



.499 
.503 
.514 
.537 
.555 
.551 
.572 
.602 
.582 
.559 
.537 
.518 



January- 
February 
March . . . 
April . . . . 

May 

June .... 

July 

August 
September 
October . . 
November 
December 



.0583 
.0604 
.0638 
.0652 
.0631 
.0632 
.0638 
.0638 
.0642 
.0620 
.0578 
.0568 



.0597 
.0593 
.0620 
.0631 
.0636 
.0-655 
.0659 
.0670 
.0665 
.0656 
.0634 
.0621 



.263 
.255 
.251 
.241 
.215 
.212 
.212 
.219 
.233 
.242 
.254 
.264 



With Dun's index number at $245 for December of 1919, the method 
of finding the index price of hogs is to multiply $245 by .0568, which 
gives $13.92. 

It is not claimed that the ratio between Dun's index number and 
hogs, for instance, is as constant as the ratio between hogs and 
corn. In the decade of tlie '60's, hogs sold for one-third lower in 
relation to Dun's index number than in the decade ending in 1916. 
There has been a constant tendency for farm products to sell con- 
stantly higher in relation to Dun's index number. And this tend- 
enc}^ doubtless will continue until population becomes stationary, 
altho there may be several years at a time when the tendency is ap- 
parently halted because of improvements in agricultural efficiency. 
In the main, the possibility of improvements in industrial efficiency 
is so much greater than in agriculture that we may expect that 
agricultural prices will stand in constantly higher ratio to other 
prices, until finally the increase in population is checked. 

Working out ratios between Duns index number and retail 
prices as reported by the Bureau of Labor Statistics, ',ve find that 
as an average of the 1907-1916 period, .183 of Dun's index number 



Consumers' Ratios 55 

represented the price of sirloin steak in cents per pound. For 
other commodities sold at retail the ratio factors were : 

TABLE 1. 

Round steak, per pound $ .159 

Rib roast, per pound 148 

Pork chops, per pound 157 

Bacon, per pound 206 

Ham, per pound 199 

Lard, per pound 122 

Hens, per pound 165 

Eggs, per dozen 267 

Butter, per pound 294 

Milk, per quart 071 

Flour, per bag of 24.5 pounds 722 

Corn meal, per pound 023 

Potatoes, per peck 243 

Sugar, per pound 051 

It is interesting to note that in September of 1919, when there 
was a universal outcry against retail prices, an outcry vigorously 
encouraged by notoriety-seeking politicians, that retail prices v/ere 
about as might have been expected from Dun's index number. 
Dun's index number was $238.34 on September 1, 1919, and the 
first column of Table 2 gives the retail price which Ave might expect 
by applying the standard ratios. The second column gives actual 
prices on September 15th, as reported by the Bureau of Labor 
Statistics^ 

TABLE 2. 

Sirloin steak, per pound $ .436 $ .409 

Round steak, per pound 379 .379 

Rib roast, per pound 352 .312 

Pork chops, per pound 374 .460 

Bacon, per pound 490 .556 

Ham, per pound 474 .552 

Lard, per pound 291 .382 

Hens, per pound 393 .414 

Eggs, per dozen 636 .632 

Butter, per pound 701 .657 

Milk, per quart 169 .157 

Flour, per bag of 24.5 pounds 1.721 1.790 

Corn meal, per pound 055 .067 

Potatoes, per peck 579 .645 

Sugar, per pound 122 .110 

The factors as worked out in Table 1 are ratios between yearly 
average retail prices and yearly average Dun's index numbers. 
Even retail prices, however, have some seasonal swing. For in- 
stance, meats tend to be cheaper in the winter than in the summer, 
whereas butter and eggs tend to be cheaper in the summer than in 
th winter. Because of the seasonal swing, the first column of 
Table 2 is not absolutely accurate. For instance, the retail price 
of sirloin steak in September is usually about 2 per cent higher 



56 Agricultural Prices 

than the yearly average, and, corrected for the month of Septem- 
ber, the price should have been 44.5 cents, mstead of 43.6 cents. 
On the same basis, the seasonally corrected price for butter for 
September, 1919, was 68.6 cents, instead of 70.1 cents. 

In the main, however, Table 2 is fairly accurate as it stands. 
It will be noted that with the exception of hog products, wheat and 
potatoes, retail prices in September of 1919 tended to be lower 
than their normal ratio to Dun's index number. 

Possibly a consumers' attack on the price of pork products, 
wheat and potatoes was warranted in September of 1919. It must 
be remembered, however, that there was supposedly a world need 
for hog products and wheat at that time, and that potatoes were 
unduly high on account of a short crop. 

Consumers should be educated in the use of index numbers and 
to an understanding of normal ratios between index numbers and 
the various commodities which they buy. In times of violent price 
fluctuations they should know just what is the index price of the 
commodities whose prices are acting in a questionable way. At the 
same time they should realize that the index price is not necessarily 
the just price. However, the index price gives a basis upon which 
the consumer may work. He may then inquire why it is that the 
actual price departs from the index price. In May of 1918, for 
instance, the index price of corn in Chicago was $1.25, whereas 
the actual price was $1.60. The actual price was above the index 
price partly because of a poor quality corn crop in 1917, but par- 
ticularly because of an unprecedented demand for breadstuffs. 
Nevertheless, everything considered, the consumer may have had 
some basis for resentment against the high price of corn and com 
products, whereas if he had studied the milk and butter situation, 
he would have seen that the dairy products were being sold at a 
real bargain. Strange to say, consumers kicked vigorously against 
milk prices, but had nothing to say about corn prices. Consumers 
are always concerned with superficial appearances, never with fun- 
damental causes. And this characteristic of city consumers, com- 
bined with an unscrupulous, ignorant city press, is a grave menace 
to our civilization. 



TECHNIQUE OF THE RATIO METHOD 

THE fundamental idea of the ratio method is that the price of 
every product is determined in the long run by the price of 
some other product or products. \ The price of hogs is determined 
in the long run by the price of corn. The price of corn is deter- 
mined in the long run by the price of land, labor, farm machinery 
and horse feed.* 

In its simplest form, the ratio method deals with only two prod- 
ucts, as for example, with hogs and corn. As an average of the 
ten Januarys extending from 1907 to 1916, No. 2 corn on the Chi- 
cago market sold for 59.9 cents a bushel, and heavy hogs on the 
same market sold for $7 per hundredweight. In other words, as 
an average of this ten-year period, it has required the value of 
11.7 bushels of corn to equal in value one hundred pounds of heavy 
hog flesh. In the specific month of January, 1907, corn was 41.6 
cents per bushel. The com price of hogs was 11.7 times 41.6 
cents, or $4.87. The actual price of hogs in January, 1907, was 
$6.60. Actual hogs sold for $1.73 above the customary corn-hog 
ratio. In Januarj-^ of 1908, with corn at 58.5 cents a bushel, the 
corn price of hogs would be 11.7 times 58.5, or $6.84. The actual 
price was $4.45, or $2.39 below the ratio price. The ratio for 
February is different from the ratio for January, but once a set 
of ratios is secured for each of the twelve months of the year, it 
is easily possible to work out charts showing month by month the 
periods of time when hogs were selling relatively higher than their 
customary ratio to corn, and when they were selling relatively 
lower. 

It is absolutely necessary to work ratios month by month, or 
week by week, in the case of all products which have a seasonal 
swing. Nearly all agricultural products are cheap in the fall of 
the year. Some products begin weakening sooner than others ; for 
instance, oats and wheat weaken sooner than corn or hogs. 

A genuinely scientific method of applying the ratio method to 
hog prices would also take into consideration that hogs are to some 
extent made out of tankage, pasture and labor, as well as corn. Of 
course, these things vary in value in a rough way, in just about 
the same way as com prices, and for practical purposes, the ratio 
between hogs and corn is probably exact enough. 

*It may be argued that the price of hogs determines tlie price of corn, 
and that the price of corn determines the price of land. This to a large 
extent may be true, and yet not interfere with the usefulness of the ratio 
method for purposes of price judging. 



V 



58 Agkicultural Prices 

As an example of a more complex application of the ratio 
method, assume that after thoro investigation by the farm manage- 
ment people, it is found that on typical farms 70 per cent of the 
cost of producing hogs is represented by corn, 5 per cent by tank- 
age, 3 per cent by oats, 3 per cent by pasture, 2 per cent by mid- 
dlings, 6 per cent by man labor, and 11 per cent by miscellaneous 
items, such as risk, interest, etc., all of which vary in about the 
same ratio as the other items already enumerated. Spreading the 
11 per cent of miscellaneous items over the other items, we find that 
of the cost of producing hogs, 78 per cent is represented by corn, 
3 per cent by oats, 6 per cent by tankage, 4 per cent by pasture, 
2 per cent by middlings, and 7 per cent by man labor. Now, as 
an average of the ten-j^oar period, 1907 to 1916, the value in the 
month of January, at Chicago, was 59.9 cents for corn and 4<SA 
cents for oats. The value of middlings on a Mihvaukee basis was 
$22.77 per ton. The value of tankage (this is a rough estimate) 
was $46 per ton ; the value of pasture land, $66 per acre, and the 
value of an hour of man labor 14.6 cents. Hogs averaged $7 per 
hund red weigh t . 

According to the ratio theory, this ten-year average price of 
$7 per hundredweight for hogs must represent approximately cost 
of production. Sevent^^-cight per cent of $7 gives $5.46 as the 
share of corn in the production cost, and in like manner 21 cents 
is the value of the oats, 42 cents the value of the tankage, 28 cents 
the value of the pasture, 14 cents the value of the middlings, and 
49 cents the value of the man labor. With corn at 79.9 cents »a 
bushel, as it was during this ten-year period, and other feeds at 
prices as mentioned in the foregoing, it is obvious that it required, 
to equal one hundred pounds of hog weight, the value of 9.1 bushels 
of corn, one-half bushel of oats, one-two hundred and fiftieth of 
the value of an acre of ordinary rough pasture land, twelve pounds 
of middlings, eighteen pounds of tankage, and 3.4 hours of man 
labor. In the specific month of Januar^y, 1907, corn was worth 
41.6 cents; oats, 35.4 cents; middlings, $18.37; ordinary rough 
pasture land, $51 i3er acre; tankage, $40 a ton, and man labor, 13 
cents an hour. Nine bushels of corn at 41.6 cents gives $3.78; half 
a basliel of oats at 35.4 cents gives 18 cents ; twelve pounds of mid- 
dlings at $18.37 per ton gives 10 cents ; one-two hundred and fifti- 
eth of the value of an acre of ordinary pasture land, at $51 per 
acre, gives 20 cents ; eighteen pounds of tankage at $40 per ton 
gives 36 cents, and 3.4 hours of man labor at 13 cents gives 44 
cents. Adding, we get $5.06 as the cost of producing hogs in 
January, 1907. In Januarj^ 1908, with corn at 58.5 cents per 



Technique of the Ratio Method 59 

bushel, oats at 49.9 cents, middlings at $22.62 per ton, tankage at 
$40 per ton, pasture at $51 per acre, and man labor at 13 cents 
an hour, we find, by applying the same formula, that the cost of 
producing one hundred pounds of hogs was $6.69. The straight 
corn ratio method gave $4.87 for January of 1907, and $6.84 for 
January of 1908, departing from the more complex ratio on the 
minus side by 19 cents in 1907 and on the plus side by 15 cents in 
1908. The results are so nearly alike that in the case of hogs 
we think that it is ordinarily satisfactory to depend on corn ratios 
alone, altho in the case of such products as milk and butter it is 
well to include feeds other than corn and to use a method similar 
to that just outlined. 

In order to allow the general public to judge of the merits of 
wage increases, strikes and price advances, it would be well if the 
ratio method might be applied to manufacturing and mining indus- 
tries ; for instance, in the case of coal, it might be shown (these 
figures are purely illustrative and possibly are wide of the facts) 
that 40 per cent of the cost of producing coal is labor, 20 per cent 
machinery charge, and 40 per cent risk, interest on investment and 
similar factors, which vary in just about the same ratio as the 
other two factors already mentioned. Distributing this 40 per 
cent miscellaneous charge, we get 67 per cent of the cost of produc- 
ing coal represented by labor and 33 per cent by machinery charge. 
Now, assume that in 1920 the labor charge has advanced over the 
ten-year base by 90 per cent, and the machinery charge by 110 per 
cent. ^Multiplying 67 by 190 and 33 by 210 and adding, we fmd 
that on this basis coal in 1920 should be a,bout 94 per cent above 
the ten-year base. If the ten-year base is $3.50 per ton, the 
proper price for coal in 1920 should evidently be somewhere around 
$6.80 per ton. 

Of course, it is obvious that anyone applying the ratio method 
must be thorol}^ familiar with the industry under consideration. 
There should be, however, competent experts in whom the public 
has confidence, to express for the benefit of the public, in ratio 
form, the cost-of-production price of all staple products, and pos- 
sibly labor as vrell. 

Our grade schools and our high schools should train their stu- 
dents to have an appreciation of the ratio method of determining 
prices. An appreciation of this sort developed in the minds of the 
bulk of our people would do much to stabilize the price system, pre- 
venting undue excesses, and yet allowing prices which cover in a 
fair way cost of production. 



T 



LIMITATIONS OF THE RATIO METHOD 

' HE ratio method, while astonishingly accurate as a method for 
X ascertaining production costs, is not infallible. In the case 
of hogs and corn, for example, the ratio has remained constant, 
decade by decade, for sixty years. It is always conceivable, how- 
ever, that a change in production methods will come which will 
enable farmers to produce hogs for less than the 11.5-bushel ratio. 
It is also conceivable that as population increases, there will be a 
smaller premium put on meat and a greater premium put on grain, 
with the result that the standard ratio will fall below eleven bushels. 
But in any event the change will be slow, and in all probability 
the ratio of the fifty years from 1925 to 1975 will not fall below 
11 bushels. 

In the case of such products as butter, where improvements m 
method count for more than in the case of hogs, there is more like- 
lihood of the standard ratio changing as time goes on. In the case 
of such standard crops as com and wheat, there is small probabil- 
ity of great change in the standard ratios. Any undue and pro- 
longed profit will be promptly absorbed by land values and labor 
wages. 

About the only technological improvement which would throw 
the standard ratios altogether out of line would be the discovery of 
how to make food out of air and water by manufacturing processes. 

The ratio method, when used in price fixing, rather than in 
price judging, is open to several objections. Under a laissez faire 
system it may be necessary for months at a time to cater to the 
consumers bj^ selling food at below the ratio or cost-of-production 
price. And again it is possible for months at a time to gouge the 
consumer by selling food above the ratio or cost-of-production 
price It is only as farmers, consumers and business men become 
educated to the desirability of prices more nearly approximating 
cost of production that the ratio system can be used extensively 
in actual price fixing. When it is so used, there will be less like- 
lihood of over-production on the one hand and under-production 
on the other hand. 

Wherever the ratio system comes to be used in actual price 
fixing, it will be open to the criticism that prices will start pyra- 
miding. For example, in the case of hogs and corn, a guaranteed 
ratio may increase the price of corn, and this in turn the price of 
hogs, and so on in a never-ending climb. The reverse is also imag- 



Limitations of the Ratio ISIethod 61 

mable. In the case of fixing crop prices bj ratio, it is imaginable 
that land values would constantly increase, and this would increase 
the price of crops, which again Avill be reflected back into land, and 
so on in a never-ending cycle. Economists like to dwell on situa- 
tions of this kind. They are to a large extent purely imaginary. 
To stop a vicious rise under the ratio system, a rise which would 
bring about an over-production, all that would be necessary would 
be to very slightly lower the standard ratio. In the case of hogs, 
for example, it might be necessary to lower the ratio from 11.5 
bushels to 11.2 bushels. 

However, in all that is said concerning the ratio method of 
judging prices, there is no intention to prescribe any definite meth- 
od of using the system. The chief function of ratios will doubt- 
less continue to be educational. It is hoped that a knowledge of 
standard ratios by large numbers of people will suffice to stabilize 
prices at more nearly cost of production and to stabilize produc^ 
tion at a point more nearly identical with normal demand. 



/ 



RETAIL AND WHOLESALE PRICES 

THERE lias been much outcry in recent years against the 
retailer. Unquestionably, the retailer is working under a 
cumbersome distributive system which burdens the consumer with 
prices fully SO per cent too high. It is commonly recognized that 
this extra 20 per cent does not represent retailers' profits, but that 
it ,is used simply to perpetuate a system which will cater most 
effectively to the whims of indolent housewives. The cure for the 
system is for consumers to organize themselves into co-operative 
buying associations. When consumers are willing to band them- 
selves together in such associations, to anticipate their needs of 
staple products by ordering ahead, it will be possible to furnish 
such products at very little above wholesale prices. In fact, it is 
conceivable that under such a regime co-operative consumers might 
buy of co-operative producers. All this, however, involves infi- 
nitely more foresight than the average citizen or his wife cares to 
exercise. Also it involves putting a vast number of small grocery- 
men out of business. In the long run, this will be a good thing for 
every one, but the immediate effect will be a great outcry against 
interfering with legitimate business, and the issue will be obscured 
by the customary smoke screen used by scared business men. 

As long as we cling to our present retail system, it is worth 
while to know the standard differential between retail prices on 
the one hand and wholesale prices and farmers' prices on the other 
hand. For instance, in 1913, ham quite customarily retailed at 
around 26 or 27 cents a pound, Avhereas the wholesale price at the 
same time was aroimd 16 or 17 cents a pound, and farmers were 
selling their hogs at around 8 cents a pound. It was a fairly 
normal state of affairs, previous to the war, for ham to sell retail 
at 10 cents a pound above the wholesale price, or 18 cents or 19 
cents a pound above the price of hogs. Just what the normal 
differential will be, now that the war is over, can not be foretold 
with accuracy. As long as Ave are on a price level twice as high 
as in 1914, it is obvious that the differential between retail and 
wholesale prices will be just about twice as great. The retailer 
may not pay quite tAvice as much to his labor, and he may not pay 
quite twice as much rent, but he Avill have to have tAvice as much 
operating capital, and his bad debts will probably be tAvice as 
great. At this writing, early in 1920, it seems obvious that the 
retailers should be alloAved to haA^e a differential fully 80 per cent 



Retail axd Wholesale Pkices 



63 



larger than before the war, if they are to fare as well as most other 
classes. As a matter of fact, the retailers now seem to be sell- 
ing ham at a differential of about 18 cents a pound over the whole- 
sale price and about 36 cents a pound over the price of hogs. In 
the case of ham, the retailers began demanding an increased mar- 
gin in May of 1917, the month after the war broke out. They kept 
increasing the margin as opportunity presented itself, but not till 
the summer of 1919 were the retailers able to widen out the dif- 





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Illustrating- how the differential between farmers' price and wholesale and retail 
price widens in proportion to the higlier price level. 

ferential between retail and wholesale prices sufficiently to cover 
the cost of doing business on a price level twice as high as in 1914. 
The facts concerning the retail price of ham, wholesale price 
of ham, and price of hogs, are presented in the accompanying 
chart. Other retail prices are given in the appendix, and it is 
possible from the figures there presented to work out normal dif- 
ferentials for such products as wheat and wheat flour, corn and 
corn meal, sirloin steak and cattle, etc. 



PORK EXPORTS THE BAROMETER OF 
CORN BELT PROSPERITY 

FOR 3'^ears we have exported from the United States more corn 
m the form of pork than in the form of shelled corn or corn 
meal. In recent years we have been exporting an average of about 
40,000,000 bushels of corn in the form of corn and corn meal, 
whereas we have been exporting the equivalent of about 130,000,- 
000 bushels of corn in the form of pork products. And for the 
year 1919 we exported the equivalent of about 350,000,000 bushels 
of corn in the form of pork. 

There is an extraordinary sympathy between the corn and hog 
industries. True it is that we feed almost as much corn to our 
horses as we do to our hogs, but the corn which Ave feed to horses 
is for the purpose of keeping the farm plant running.The corn fed 
to horses does not bring in direct cash returns in the same Avay as 
the corfn fed to hogs. Nearly one-third of all our corn is fed to 
hogs, and from the standpoint of market strategy, this third which 
is fed to hogs counts more than the other two-thirds. The demand 
for the other two-thirds by horses and cattle and by the grist mills 
of the towns and cities is practically stationary from one year to 
the next. It is the corn which is fed to hogs that varies so greatly 
from one year to the next. 

For the first ten months of 1919, the value of the pork products 
exported from the United States was $778,000,000, or about one- 
eighth of the A^alue of all the exports from the United States for 
this period. The only other product of practically equal magni- 
tude with pork products was cotton, with a total value of $775,- 
000,000 for the first ten months of 1919. Wheat and wheat 
flour, which most people think rank decidedly above the value of 
pork products, totaled during this period $556,000,000. Corn 
and corn meal exports during this period were worth an insignifi- 
cant $15,000,000. Of course we are now exporting more pork 
products than ever before in history, but even before the war the 
corn belt expressed itself in international trade pre-eminently thru 
its exports of pork products. The ham, bacon and lard of the 
cora belt are comparable with the wheat of the nortliAvest and the 
cotton of the south. 

Before the Avar, Ave exported every year the equivalent of about 
five or six million hogs. Last year Ave exported the equivalent of 
thirteen or fourteen million hogs, nearl}"^ one-fifth of our total pro- 



Pork Exports and Corn Belt Prosperity 65 

duction. Exports dropped off during September, October and No- 
vember, but this is a customary seasonal occurrence, and there is 
now the prospect of a resumption of a tremendous exportation of 
hog products during the winter and early summer. 

The two charts printed herewith indicate the very close con- 
nection between pork exports and profits in corn raising. The 
chart giving the profits and losses on the average acre of corn for 
the past forty-five years is re-published from Wallaces' Farmer of 
May 17, 1918, the profits for the years 1918 and 1919 having been 
added since. It will be noted that the other chart gives the exports 
of hog products in pounds from the United States year by year. 
The exports are in fiscal years, ending on June 30th. It will be 
noted that in a broad, general way, there is a considerable relation- 
ship between the two charts. When pork exports have been less 
ti'an normal for a year or two, there is a decided tendenc}'^ for corn 
to become unprofitable, and vice versa. Note how the big hog 
exports, starting in 1877 and continuing thru 1881, were accom- 
panied by a period of unusual corn profits. Note how the falling 
off in hog exports, starting with 1882 and continuing until 1890, 
was also accompanied by unprofitable corn crops. Then there was 
a temporary turn for the better in both corn and hog exports in 
1890 and 1891, and a sag in both until 1897, when hog exports 
picked up and continued to pick up to a very marked degree for 
several years, the change in hog exports being slowly reflected in 
corn profits. Generally speaking, pork exports seem to lead the 
way, and corn tags along behind. During the war years, how- 
ever, corn seemed to move just about as fast as hog exports. The 
first year of really heavy hog exports was the year ending June 
30, 1916, and the first corn crop to sell unusully high was that 
harvested in the fall of 1916. The corn crops of 1916, 1917, 1918 
and 1919 have all been extraordinarily profitable, and the pork 
exports during these same years have been unusually heavy. Un- 
questionably, there is a very close relationship between hog exports 
and the general level of corn prices. We do not mean to say that 
there is a month-by-month relationship, or even a year-by-year 
relationship. We do mean to say, however, that it is impossible 
for the United States to export an unusual volume of hog products 
Avithout sooner or later raising corn prices. It may take a year 
or two for the effect to be felt by corn, but sooner or later the in- 
fluence seems to be inevitable. 

Heavy hog exports make for higher corn prices, and higher 
corn prices make for higher values in corn belt farm land. With- 
out much question, the fundamental cause of corn land rising so 



66 



Agricultural Prices 



much more rapidly than land in other sections is the unusual vol- 
ume of pork products starting with the year 1916. It would have 
been impossible for the com market to have reached or sustained 





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its high altitude without the prop of such tremendous hog exports. 
In view of the evidence presented, v/e make bold to say that hog 
exports furnish a most delicate barometer of corn belt prosperity. 



Pork Exports and Corn Belt Prosperity 



67 



The huge vokime of pork exports during the past three j^ears is the 
explanation of corn belt land rising faster than in other sections. 
Iowa raises twice as many hogs as any other state, and this doubt- 



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it'ss is the reason why land in Iowa has risen faster than in any 
other state. 

What of the future? Is there any chance that pork exports will 
maintain their present volume? We may as well face the issue 



68 Agricultural Prices 

squarely and come to the conclusion that in all probability pork 
exports, within three or four years, will decline to about one-third 
their present volume. For four or five years previous to the war, 
the tendency of pork exports was somewhat downward. It is re- 
ported that at that time Great Britain was buying less and less of 
her hog products from the United States, and that she was thinking 
of buying more and more of her coarser quality of hog products 
from China. At the present time there is considerable Chinese 
bacon on the English market. It is also worth while to note in this 
connection that the English consumption of meat is now 1,200,000 
tons, which is 600,000 tons less than her pre-war consumption of 
meat. If England has cut down on her meat consumption one-' 
third, the probabilities are that the continent of Europe has cut 
down on its meat consumption one-half. Probably never again 
will the world eat as much meat per capita as it did before the war. 
Whether we like it or not, we may as well face the probability that 
our pork exports are on the decline, and will not stop declining un- 
til they are down to about one-third of the 1919 volume. 

And we may expect that this decline in pork exports will have 
some influence on corn prices, and therefore on corn land prices. 
The future situation is of course considerably different than that 
which has existed at any time during the past forty-five years. 
The volume of money in circulation may be such that there will be 
no actual decline in corn prices or in corn land prices. Just the 
same, we may expect that the unusually favorable position which 
has been enjoyed by the corn belt during the past three years will 
disappear with the decline in pork exports. 

Previous to the war, Great Britain and Germany absorbed 
more of our pork exports than any other nations. Great Britain 
took 73 per cent of our pork exports, 86 per cent of our exports 
of hams and shoulders, and 36 per cent of our lard exports. Ger- 
many took 30 per cent of our lard exports and practically nothing 
in the way of bacon, hams or shoulders. Cuba, Holland and Bel- 
gium were the other large importers of American hog products, 
but these three nations together required only about one-tenth as 
much as Great Britain. If Great Britain cuts down her consump- 
tion of meat to two-thirds what it was before the war, she will be 
much more nearly self-supporting from a meat standpoint than 
she is now, and probably will not import from the United States 
more than one-half as much meat as she did before the war. Great 
Britain owes considerable money to the United States, and, more- 
over, in the future she will not get from the United States in such 
large measure ocean freight charges on the British merchant ma- 



Pork Exports and Corn Belt Prosperity 69 

rine. In the old days, Great Britain had a considerable credit 
balance coming to her every year from the United States, and she 
took a large part of this in the form of pork products. Now that 
the situation is reversed, it is difficult to see how Great Britain can 
import as much in the way of hog products from the United States 
as she did before the war. True it is that for the year 1919 she 
has imported about three times as much from the United States 
as before the war, but once the present emergency is past, it seems 
obvious that Great Britain will cut her pork imports down to the 
minimum. 

In the case of Germany, the situation is even worse. Germany, 
which normally took 150,000,000 pounds of lard from us every 
year before the war, must now pay the allied nations an indemnity 
every year of at least $600,000,000. In order to pay this huge 
sum, Germany must cut her imports down to the absolute minimum, 
and become extraordinarily efficient in exporting. For the next 
two or three years, Germany may perhaps import more lard from 
us than she did before the war, but, as rapidly as possible, Ger- 
many will re-establish her swine industry and reduce the imports of 
American lard. 

We may be painting the situation too black, but we can not see 
how our pork exports, by the year 1925, can total to more than 
800,000,000 or possibly 900,000,000 pounds, which is less than 
one-third the 1919 volume of exports. Of course, another war 
may break out in the meantime, or some other extraordinary thing 
may happen, but in the ordinary course of events, it would seem 
that our pork exports must inevitably decrease until they are con- 
siderably less than the pre-war normal. And it would seem that 
this decrease in pork exports will have a very considerable bearing 
on corn prices, which will in turn have a bearing on corn land 
prices. Again, we wish to say, however, that we do not neces- 
sarily believe that corn land in 1925 or 1930 will be selling cheaper 
than it is today. Prices of all kinds doubtless will continue to be 
high in 1925 and 1930, for the simple reason that inflated currency 
the world over will still continue. The point we are trying to make 
is that once hog exports decline to the pre-war normal, or less, 
corn belt farming will cease to enjoy the unusual advantage which 
it had during the war. It may for a time be relatively less profit- 
able than farming in certain other sections of the United States. 

There are many curious paradoxes in the hog export trade in 
the United States. While a heavy export of hog products sooner 
or later means high corn prices, high hog prices and corn belt pros- 
perity generally, yet as a usual proposition, heavy hog exports do 



7C Agricultural Prices 

not start except in times of unusually low hog prices. The heavy 
exports of 1 877-1881 did not start till hogs had declined below $5 a 
hundred, and reached their height while hogs were $3 to $4 a hun- 
dred. In 1882, when hog prices climbed to over $8 per hundred 
on the Chicago market, hog exports promptly fell off, and did not 
climb again until hog prices again went below $4 a hundred, in 
1890. In early 1893, when hog prices on the Chicago market 
climbed up to nearly $8 a hundred again, hog exports dropped off 
very suddenly. They did not pick up at once in 1896, when hog 
prices went under $4 again, but did pick up very rapidly in 1897 
and 1898, during both of which years hog prices on the Chicago 
market were under $4 a hundred most of the time. In 1902, there 
were heavy exports, in spite of the fact that hog prices were rela- 
tively high, but by 1903 the British apparently had had enough of 
buying high-priced pork on the American market, and they cur- 
tailed their importations very decidedly. Again, in 1910, the ex- 
ceedingly high prices stopped the export demand. During the 
past three years there have been unprecedented exports in spite 
of unusually high prices. But as a matter of fact, hog prices in 
the United States have been cheaper during the past three years 
than any place else in the world. We have been selling hogs at 
a great bargain, or Great Britain would not have bought such tre- 
mendous quantities from us. 

A thoro study of the exports of the United States month by 
month from January, 1903, thru the year 1914, indicates that 
there is a continual tendency for hog exports to be large when hog 
prices are low, and vice versa. The correlation coefficient between 
hog prices and hog exports is minus .52. There seems to be a 
closer correlation between hog exports and hog prices than between 
receipts of hogs at central markets and hog prices. The tendency 
has been for hog exports to be 40 per cent above normal when hog 
prices are 15 per cent below normal; for hog exports to be 20 per 
cent above normal when hog prices are 8 per cent below normal, 
etc. In November of 1919, when hog exports were about 40 per 
cent above normal, it would have appeared, therefore, that hog 
prices were about 15 per cent below normal. This is a long-swing 
tendency, and of course there are occasional exceptions. This part 
of the problem may be summed up to the effect that big exports 
start in times of low hog prices, and that these exports after a time 
stimulate both corn and hog prices, with the result that after a time 
both corn and hogs become so high in price that exports dry up, 
and then corn and hog prices weaken, and the whole thing starts 
over again. There was a continuous series of these cycles previ- 



PoKK Exports and Corn Belt Prosperity 71 

ous to the war, and it is to be expected, now that the war is over, 
that the phenomena Avill repeat themselves, altho with some added 
variations. 

One thing we must remember is that very possibly the export 
trade of the United States will not count so big in the future as it 
has in the past. The United States has loaned something like 
$10,000,000,000 to foreign countries, and every year she will have 
hundreds of millions of dollars in interest coming her way, instead 
of owing hundreds of millions of dollars to countries across the 
water, as was the case before the war. And as long as the United 
States has so much money coming to her in interest charges, we 
must expect that eventuallj'^ the United States must import more- 
goods than she exports. This does not necessarily mean the de- 
struction of the hog industry in the corn belt, but it may mean that 
it will have to shift onto a somewhat different basis. It may be 
that in the future we must plan on growing enough hogs only to 
satisfy the needs of the United States, carefully avoiding a glut 
which will make it essential to export any large quantit3\ Or it 
may be that the American farmer is so exceedingly efficient in the 
business of producing hogs that the United States will always ex- 
port large quantities of pork products, even tho the balance of 
trade otherwise is against the United States. If we approach the 
problem from the standpoint of going after a large trade in hog 
products with foreign countries, we must put ourselves in position 
to produce with the utmost economy possible. "Price" talks in 
the export business, and we shall export large quantities of hog 
products whenever we are selling hogs decidedly cheaper than the 
rest of the world. 

Just what kind of a whistle do we Avant, and what price are Ave 
willing to pay for it ? Here is a problem which we commend to the 
earnest study of the research department which the National Farm 
Bureau Federation may som^e day possess. 



CORN BELT LAND VALUES IN RELATION 
TO COST OF PRODUCING CORN 

RENT or interest on the money invested in land is a legitimate 
item in cost of production — so far as the individual farmer 
is concerned. But society is likely to reach a time when it will 
assert the right to object to paying a price for corn which will 
permit of paying a very high rent, which in turn is used to support 
very high land values. 

Society may say, in effect: Your high land values are just as 
vicious as watered railway stock, and you have no more right to 
expect a five per cent return on the inflated value than the rail- 
roads have to expect such a return on their watered stock. 

Societ}'^ may be expected to pay a price for corn which is estab- 
lished by competition between farmers in this country and in the 
Argentine, and by the need of Europe for our pork products. 
This price doubtless will bear much the same relation to the general 
price level as before the war. It may be high enough to permit of 
corn belt land values as they existed in 1920, or even higher values. 
Or it may be low enough to compel a reduction in corn belt values 
and farm-hand wages. 

In the case of a severe drop in corn prices, it is conceivable but 
not probable that corn belt farmers will organize sufficiently to 
compel the return to a price high enough to maintain 1920 land 
values and farm-hand wages. 

It is believed that under conditions of free competition it will 
be necessary for corn to sell for about 85 cents a bushel, on a basis 
of December 1st farm valuations in the corn belt in the ordinary 
crop year, in order to maintain land values as they existed in 1930. 
This mea.ns that prices might go as low as 70 cents a bushel in 
years of big crops, or as high as $1 in years of small crops. It is 
also assumed that labor at harvest, without board, will settle down 
to about $4.25 a day, which was the 1918 level. If labor at har- 
vest, without board, continues at $5 a day, which was the 1919 
level, it will be necessary for corn to sell for about 88 cents a 
bushel, on a December 1st farm basis, in order to maintain the 1920 
level of land values and farm-hand wages. 

It is recognized that this prediction may be wide of the mark 
in case farmers are able to organize themselves for selfish purposes 
as effectively as capital and union labor. For forty years pre- 
ceding the war, the farmer paid his regular monthly labor a sweat- 



Corn Belt Land Values 73 

ed wage, and, in effect, sold his own labor just as cheaply. During 
the war, the farmer had a taste of a higher standard of living, and, 
having had this taste, he will be loath to let farm product prices 
slip back to a point where he will be reduced to his former state or 
even lower. 

It is suggested as the only effective way out of the difficulty 
that farmers organize into powerful bargaining organizations, 
which, on occasion, can practice sabotage as skillfully as capital 
or union labor. But, in addition, and above all, it is absolutely 
necessary to becom.e extraordinarily efficient. We must continue 
to apply our best brains to production problems, perfecting meth- 
ods which will enable us to produce corn 10 cents a bushel cheaper 
in Iowa than in Argentina. 



PRICE STABILITY AND SOIL FERTILITY 

ONE of the strongest arguments for more stable prices is the 
effect on soil fertility. While the best farmers will try to 
maintain the fertility of their land, no matter what may be the eco- 
nomic outlook, the bulk of our farming population will not make 
any serious efforts along this line as long as the price outlook is 
uncertain. When prices are advancing, the tendency is for mil- 
lions of acres of farm land to find their way into the hands of spec- 
ulators and investors, who hold for a rise, and who take no interest 
whatever in the application of lime and phosphate or the growing 
of clover. WTien prices are tending downward, there is a tendency 
to economize to the limit. Even those farmers who normally use 
fertilizers are likely to postpone purchases until next year or the 
year after, in the hope of lower prices. It is only under a system 
of relatively stable prices that we may expect really effective at- 
tention to be given to soil fertility problems by the bulk of our 
farmers. The quicker we can get onto a stable price level, the 
more effectively will the fertility of our soil be conserved. 

It is common observation that live stock farming maintains the 
fertility of the soil more effectively than grain farming. In the 
com belt, live stock farms ordinarily produce five bushels more 
corn per acre than grain farms. Two great obstacles to live stock 
farming are tenancy and price uncertainty. The man of small 
means who has been farming for himself for only a few years can 
not afford to take a chance. He does not know Avhether or not 
hogs will be at a price next year v/hich will furnish a good market 
for corn, and he therefore plays safe by breeding only three or four 
sows, instead of the five or six which he might very well handle. 
Unquestionably, the farmers in the corn belt would be justified in 
keeping more live stock if the price of live stock should represent 
cost of production day by day and month by month. In fact, 
corn belt farmers, as an average of a five-year period, could prob- 
ably afford to produce both hogs and cattle at lower relative prices 
than were customary before the war, if only prices were more 
nearly stable, if they could feel reasonably sure of getting a price 
more nearly representing production cost. 

The maintenance of the fertility of our soil is a matter of 
national concern. In the long run, it is of more vital interest to 
the people of the cities than to the farmer. Men engaged in indus- 
trial enterprises should do what they can to favor such adjustment 



Measuring Total Crop Production 



75 



of prices as will make it to the advantage of the farmer to keep 
his land in good heart, because that will make for larger production 
and more economical production. 



MEASURING TOTAL CROP PRODUCTION 

THIS chapter does not follow the same line of thought as the 
other chapters. It has an indirect bearing, however, and 
we believe the suggested method of measuring total crop production 
to be of some value. 

Small crops ordinarily bring the farming class more money 
than large crops. Nevertheless, in the long run big crops mean 
prosperity to the country as a whole. To judge just when crops 
as a whole are large and when they are small, a method has been 
devised, which may be illustrated as follows : 

In 1918, the United States produced 2,582,814,000 bushels of 
corn, 917,100,000 bushels of wheat, 89,833,000 tons of hay, 11,- 
700,000 bales of cotton, etc. Now, to ascertain total crop produc- 
tion, it is obviously impossible to add together bushels, tons, bales, 
etc. We can add together the value of the crops, but the price 
level shifts from year to year, and this method is not satisfactory. 

Now, the 1907-1916 ten-year average price of corn was 61 
cents, of wheat 96.2 cents, of hay $11.49 a ton, of cotton $59 a 
bale, etc. A ten-year average illustrates the relative economic 
emphasis. These prices are therefore used as constant factors, 
applicable to any crop year. 

The 1918 corn crop of 2,582,814,000 bushels, converted into 
economic crop units by multiplying by 61, equals 157,500,000,000. 
The 1918 wheat crop of 917,100,000 bushels, multiplied by 96.2, 
equals 63,600,000,000. The same thing done with the thirteen 
leading crops gives 559,900,000,000 crop units produced by the 
United States in 1918, or 5,270 crop units per capita. 

The per capita production of crop units since 1880 has been 
AS follows : 



1880 5,360 

1881 4,280 

1882 5,330 

1883 5,120 

1884 5,560 

1885 5,250 

1886 4,970 

1887 4,690 

1888....... 5,240 

1889 5,910 

Decade 
Averages, 5,171 



1890 4,720 

1891 5,820 

1892 4,840 

1893 4,710 

1894 4,030 

1895 4,980 

1896 5,170 

1897 5,070 

1898 5,360 

1899 5,760 

5,046 



1900 5,820 

1901 4,470 

1902 5,480 

1903 4,930 

1904 5,220 

1905 5,200 

1906 5,560 

1907 4,940 

1908 5,220 

1909 5,100 



1910 5,320 

1911 4,850 

1912 5,690 

1913 4,950 

1914 5,410 

1915 5,770 

1916 4,940 

1917 5,530 

1918 5,270 

1919 5,400 



5,194 



5,313 



76 Agricultural Prices 

Note how constant has been the productive power of the United 
States in economic crop units per capita, decade by decade, since 
1880. Note that since 1910 crop production has more than kept 
pace with the increase in population. 

In the '80's v/e exported the equivalent of about 650 economic 
crop units per capita (in this we convert pork exports into corn), 
which left, roughly, 4,500 economic crop units per capita for home 
consumption. In the fiscal year ending June 30, 1919, we ex- 
ported about 750 economic crop units per capita, which left, 
roughly, 4,500 economic crop units of the 1918 crop for home con- 
sumption. During the decade ending 1919 there has been an aver- 
age of about 4,800 economic crop units per capita left for home 
consumption. It was probably necessary to retain more economic 
crop units per capita at home during the last decade than during 
the '80's, because of the smaller live stock production per capita. 

From the standpoint of production per farm, there has been 
a tremendous increase every decade. As an average of 1880-1889, 
the production per farm was 66,420 units, as compared with 67,990 
units for the 1890-1899 decade, 71,600 units for the 1900-1909 
decade, and 81,000 units for the 1910-1919 decade. In response 
to the higher price level, the productivity of the average farm has 
constantly been increasing. If both the general price level and 
the price of farm crops had been the same in the 1910-1919 decade 
as in the 1900-1909 decade, the probabilities are that the average 
production per farm would have been about 73,000 economic crop 
units instead of 81,000. If by the 1940-1949 decade we have a 
population of 1 50,000,000, and if Dun's index number at that time 
is $170, it will be necessary to pay at Chicago an average of about 
$1.80 for wheat, $1.15 for corn, and 65 cents for oats, in order 
to call forth as much production per capita as was called forth 
by the prices paid during the past forty years. When Dun's in- 
dex number is as low as $170 (at thi^ writing, in early 1920, it is 
$244), $1.80 for wheat, etc., will be very high relatively. Rather 
than pay such a high relative price, the consumers of the United 
States will probably turn to Argentina and other countries where 
farmers produce food cheaply by living on a lower standard. The 
position of the United States, rising out of the world war, whereby 
she is the creditor nation of the world, will favor food importa- 
tions. 

It is a commonplace among business men that good crops mean 
good business. The effect, however, is not as close as they imag- 
ine. The short crop of 1901 did not affect the business world 
till 1903 and 1904. The short crops of 1892, 1893 and 1894 did 



Measuring Total, Crop Production 77 

not have full effect till 1895 and 1896. A single crop year which 
is only slightly below average may have no effect whatever on 
business. But when three crop years average below normal, there 
is almost certain to be some effect on business. From 1903 to 
1919, the correlation between crops and the price of securities on 
the stock exchange was about .53. Professor H. L. Moore, in his 
book on "Economic Cycles," finds between crop yields per acre and 
pig iron production a correlation coefficient of .72, pig iron pro- 
duction lagging about a year behind crops. 

Big crops do mean good business, altho they mean prosperity 
to the farming class chiefly in an indirect way. A small crop 
generally brings farmers more money than a large crop, but small 
crops over a period of two or three years cause business depression 
and this reacts on farmers. 

The problem of both business men and farmers is to devise some 
means of giving farmers as a class a financial interest in producing 
big crops rather than small crops. 



Part II 



MATHEMATICAL STUDY OF SUPPLY AND 
DEMAND IN THE HOG MARKET 

MATHEMATICAL formulation of price-making factors is 
necessary in order to know when extraordinary or strategic 
considerations are influencing the market. The mathematical 
methods are highly technical, and in order to explain most clearly 
we shall follow a specific problem thru from beginning to end. 

The problem is to determine the price of hogs from hog re- 
ceipts (supply) and from business conditions (demand). To rep- 
resent business conditions, we are using bank clearings outside of 
New York City. The actual figures for heavy hog prices at Chi- 
cago are given in the Appendix. Hog receipts at Chicago and bank 
clearings outside of New York City are given on pages 81 and 82. 
The problem is to evolve from these figures the law of hog prices. 

The first step is to determine the secular or long-time trend of 
these figures. Find, for example, the secular trend of such a 
series as : 



1901 


2 


1904 


5 


1907 


4 


1902 


3 


1905 


2 


1908 


6 


1903 


2 


1906 


6 


1909 


6 



From looking at these figures, we know that the secular trend 
slopes upward, starting with about 2 in 1901, reaching 3 or 4 by 
1905, and 5 or 6 by 1909. To express the matter with mathemat- 
ical accuracy, the method as applied to this series is as follows : 
First add all the figures together. Answer in this case, 36. Then 
divide by the number of figures — in this case 9. Thirty-six divid- 
ed by 9 gives 4, which is the value of the secular trend for 1905, 
which is the central year. 

The year 1904 is the —1 year, 1903 the —2 year, 1902 the 
— 3 year, 1901 the — 4 3^ear, and in like manner 1906 is the +1 
year, 1907 the +2 year, 1908 the +3 year and 1909 the +4 year. 
Multiply the minus years by their respective values : — 1 by 5, 
— 2 by 2, — 3 by 3 and — 4 by 2, and also the plus years, +1 by 
6, +2 by 4, +3 by 6 and +4 by 6. The totals are —26 and +56, 
-or a net of +30. Now the sum of the squares of — 1, — 2, — 3, 
— 4, +1, +2, +3 and +4 is 60. Sixty divided into 30 gives .5, 
which is the rate of movement of the secular trend each year, or if, 
as we found, 4 is the secular trend value for 1905, then 3.5 is the 
value for 1904, 3.0 for 1903, 2.5 for 1902, and 2.0 for 1901, and 
in like manner 4.5 for 1906, 5.0 for 1907, 5.5 for 1908 and 6 for 



82 



Agkicultural Prices 



BANK CLEARINGS OF THE UNITED STATES OUTSIDE 
NEW YORK CITY. 

(7 ciphers omitted) 





1903. 


1904. 


1905. 


1906. 


1907. 


1908. 


1909. 


1910. 


1911. 


1912. 




$ 


$ 


$ 


$ 


$ 


$ 


$ 


$ 


$ 


$ 


Jan. . . 


390 


376 


411 


510 


542 


463 


516 


591 


597 


623 


Feb. . 




323 


330 


353 


415 


449 


388 


437 


498 


497 


566 


Mar. 






358 


359 


419 


463 


510 


430 


513 


600 


585 


604 


Apr. 






364 


353 


405 


436 


499 


430 


507 


570 


543 


614 


May- 






354 


339 


418 


444 


507 


421 


491 


537 


557 


604 


June 






368 


350 


408 


443 


479 


419 


504 


548 


562 


567 


July 






379 


348 


403 


440 


506 


448 


515 


543 


555 


602 


Aug. 






326 


336 


392 


432 


467 


404 


482 


508 


528 


572 


Sep. 






338 


350 


403 


420 


454 


434 


506 


516 


542 


564 


Oct. 






394 


405 


460 


521 


561 


491 


582 


592 


606 


701 


Nov. 






356 


418 


461 


505 


418 


480 


572 


582 


603 


655 


Dec. 






380 


430 


476 


504 


406 


512 


594 


591 


609 


655 


Totals 


4330 


4394 


5009 


5533 


5798 


5320 


6219 


6676 


6784 


7327 



BANK CLEARINGS OP THE UNITED STATES OUTSIDE 
NEW YORK CITY— Continued. 

(7 ciphers omitted) 





1913. 


1914. 


1915. 


1916. 


1917. 


1918. 


1919. 


1920. 


1921. 


1922. 




$ 


$ 


$ 


$ 


$ 


$ 


$ 


$ 


$ 


$ 


Jan. . . . 


693 


683 


620 


781 


1051 


1182 


1456 








Feb. 






584 


563 


543 


719 


884 


1000 


1160 








Mar. 






628 


640 


628 


820 


1056 


1224 


1359 








Apr. 






626 


635 


620 


775 


1036 


1239 


1326 








May- 






618 


593 


599 


816 


1073 


1271 


1428 








June 






598 


610 


610 


810 


1064 


1246 


1449 








July 






621 


631 


623 


799 


1048 


1324 


1562 








Aug. 






563 


535 


573 


805 


1041 


1320 


1516 








Sep. 






599 


540 


614 


850 


1015 


1271 


1598 








Oct. 






703 


613 


741 


1002 


1254 


1516 


1809 








Nov. 






631 


568 


756 


1016 


1239 


1375 


1672 








Dec. 






668 


611 


797 


1036 


1192 


1415 


1576 








Totals 


7532 


7222 


7724 


10229 


12953 


15383 


17909 









Mathematical Study of Supply and Demand 



83 



RECEIPTS OF HOGS AT CHICAGO IN MILLIONS OF POUNDS. 

(000,000 omitted) 





1903. 


1904. 


1905. 


1906. 


1907. 


1908. 


1909. 


1910. 


1911. 


1912. 


Jan. . . . 


170 


179 


198 


195 


180 


239 


166 


119 


115 


187 


Feb. 






144 


174 


152 


158 


151 


184 


141 


122 


150 


172 


Mar. 






112 


126 


143 


135 


132 


153 


152 


86 


168 


143 


Apr. 






117 


116 


121 


111 


136 


108 


102 


74 


125 


129 


May- 






130 


124 


143 


127 


152 


132 


123 


110 


154 


146 


June 






156 


128 


139 


141 


139 


136 


113 


120 


132 


128 


July 






128 


79 


115 


135 


147 


118 


101 


96 


118 


125 


Aug. 






133 


120 


115 


138 


128 


105 


92 


112 


116 


103 


Sep. 






120 


87 


115 


113 


121 


83 


82 


92 


99 


95 


Oct. 






109 


110 


135 


121 


104 


131 


91 


107 


124 


118 


Nov. 






145 


164 


162 


127 


99 


174 


127 


127 


144 


127 


Dec. 






194 


184 


178 


148 


172 


184 


138 


136 


145 


147 


Totals 


1,6581 


1,591 


1,716 


1,649 


1,661 


1,747 


1,428 


1,301 


1,590 


1,620 



RECEIPTS OF HOGS AT CHICAGO IN MILLIONS OF POUNDS. 

Continued. 

(000,000 omitted) 



/ 





1 
1913. 


1914. 


1915. 


1916. 


1917. 


1918. 


1919. 


1920. 


1921. 


1922. 


Jan. 

Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

Dec. 






182 
149 
141 
129 
133 
149 
126 
132 
131 
134 
133 
189 


157 
145 
127 
103 
110 
139 
112 
102 

90 
119 

95 
226 


200 
166 
149 
109 
132 
130 
122 
109 
97 
85 
152 
223 


239 
193 
157 
119 
135 
128 
122 
136 
106 
164 
207 
218 


224 

162 

131 

116 

127 

114 

110 

79 

58 

92 

146 

168 


157 
212 
232 
190 
157 
121 
153 
105 
98 
159 
202 
223 


256 
212 
155 
147 
163 
182 
146 
96 
110 
135 
182 
234 








Totals 1 1,728 


1,525| 1,674| 1,924 


1,527 


2,009 


2,018 









84 Agricultural Prices 

1909. The secular trend is a straight line, and the actual goes 
above and below the secular trend in more or less wave-like fashion. 
In Chart I, the straight line is the secular trend of heavy hog prices 
at Chicago for 1903-1916, and the irregular line fluctuating above 
and below is the actual price of heavy hogs. 

The next problem is to eliminate the normal seasonal varia- 
tion. For example, hog prices have a normal tendency to go down 
in the fall of the year, whereas bank clearings have an equally 
normal tendency to go up. Obviously, seasonal trends must be 
eliminated if such series as hog prices and bank clearings are to 
be compared. 

As an average of the fourteen years from 1903 to 1916, inclu- 
sive, heavy hog prices at Chicago averaged in January, $6.54; 
February, $6.83; March, $7.22; April, $7.30; May, $7.10; June, 
$7.10; July, $7.18; August, $7.14; September, $7.29; October 
$7.08 ; November, $6.65 ; December, $6.55 ; average for the entire 
year, $7. On this basis, January is 93 per cent of the yearly 
average; February, 98 per cent; March, 103 per cent; April, 104 
per cent; May, 101 per cent; June, 101 per cent; July, 103 per 
cent; August, 102 per cent; September, 104 per cent; Octobei*, 
101 per cent; November, 95 per cent, and December, 94 per cent. 
The December average for 1902-1915 is $6.30, or 90 per cent. 
Obviously, the seasonal variation as just stated in percentages is 
affected to some extent by the secular trend, for the Decembers of 
1902-1915 average 90 per cent, and those of 1903-1916 average 
94 per cent. Taking the secular trend out of our seasonal, or 
adding 2 points to the early months of the year and subtracting 2 
points from the last months of the year, we get approximately 
January, 95 ; February, 99 ; March, 104 ; April, 105 ; May, 102 
June, 101 ; July, 103 ; August, 102 ; September, 103 ; October, 100 
November, 94, and December, 92.* 

Hog receipts at Chicago, in the same manner, have a modified 
seasonal factor of January, 132 per cent ; February, 117 per cent; 
March, 102 per cent; April, 85 per cent; May, 99 per cent; June, 
99 per cent ; July, 87 per cent ; August, 87 per cent ; September, 74 
per cent; October, 86 per cent; November, 103 per cent; Decem- 
ber, 129 per cent. 

For bank .clearings outside of New York City, the modified 
seasonal factors are: January, 109; February, 93; March, 104; 



*The link relative method of finding the normal seasonal variation, as 
used by Warren M. Persons, in the January, 1919, Review of Economic 
Statistics, is far more difficult than the method here used, and for our 
purposes is not worth while. 



Mathematical Study of Supply and Demand 85 

April, 100 ; May, 99 ; June, 97 ; July, 98 ; August, 90 ; September, 
93; October, 108; November, 103, and December, 106. 

After securing normal seasonal variation, the next step is to 
modify secular trend for seasonal variation. Secular trend of hog 
prices, as modified seasonally, is portrayed in Chart II. The sec- 
ular trend price of hogs in January, 1903, is $5.19, which sum, 
multiplied by the seasonal factor 96, gives $4.98 as the secular 
price of hogs modified seasonally for January, 1903. The actual 
price was $6.60, or $1.62 above the secular modified seasonally, or 
31 per cent greater than the secular price of $5.19. In this way 
the percentage of departure for each month from 1903 thru 1916 
may be figured. This has been done for hog prices, hog receipts 
and bank clearings outside of New York City.* 

Now, as it happens, hog receipts are a much more violently 
fluctuating series than bank clearings outside of New York City. 
To put the series on an even footing, resort is made to what is 
known as the standard deviation. To secure the standard devia- 
tion of hog price percentage departures, add up the squares of 
these departures. The total for the 168 months from 1903 thru 
1916 is 31,894, or, dividing by 168, we get 190. The square root 
of 190 is 13.8, which is the standard deviation of hog prices. 
Standard deviation means that the probabilities are that on the 
average not more than one out of three of the series of figures an- 
der consideration will exceed the standard deviation. Standard 
deviation for hog receipts is 15, and for bank clearings 8.7. This 
indicates that hog receipts depart from the secular trend as modi- 
fied seasonally with nearly twice as great violence as do bank 
clearings. 

To put all three series on the same footing, we divide the per- 
centage departures by the standard deviation, 13.8 in the case of 
hog prices, 15 in the case of hog receipts, and 8.7 in the case of 
bank clearings. In January of 1903, for example, hog prices 
were greater than the secular modified seasonally by 2.3 times the 
standard deviation; hog receipts were less by .3 of the standard 



*Warren M. Persons, in a footnote on page 35 of the January, 1919, 
Review of Economic Statistics, expresses the method of ascertaining per- 
centage departure from the secular trend in mathematical symbols as 
follows: "Let the original series beginning with January be Xi, X2, X3, 
. . . . Xn, the ordinates of secular trend be Oi, O2, O3, .... On, 
and the adjusted indices of seasonal variation for twelve months be 
Si, S2, S3, ... . S12 per cent, respectively. Then the items for secular 
trend and seasonal variation are : 

Xi — Si Oi X2 — S2 O2 X3 — S3 O3 X3 — 81 Oi3 

Oi ' O2 ' 0, ' " * Ois etc." 



86 



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Mathematical Study of Supply and Demand 



87 




88 



Agricultural Prices 



deviation, and bank clearings were over by .9 of the standard devi- 
ation. The cycles of the hog prices, hog receipts and bank clear- 
ings, as secured in this way by reducing for standard deviation, 
are comparable. The results are charted in Charts III, IV, V. 

It may be seen from examining these charts that hog prices 
seem to be related directly to bank clearings and inversely to hog 
receipts. The problem is : Blend hog receipts and bank clear- 
ings together in such a way as to secure hog prices. The mathe- 
matical method of approach is by correlation coefficients and lines 
of regression. 

First, a simple illustration of the method of securing correla- 
tion coefficients : 

Take the tAvo series, A and B, which deviate from their respec- 
tive means by the amounts stated in Columns 2 and 3. In Column 
1 is the 3'^ear, which has nothing to do with the mathematics of the 
case. Column 4 is A squared. Column 5 is B squared, and Column 
6 is A multiplied by B. 



1 


2 


3 


4 


5 


6 








01 




pq 










^ 


t» 








03 


a 


(D 








3 


s 


B 








a< 


c 








m 


m 


-ij 




< 


M 


< 


m 


< 


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—1 

+2 
+2 


—5 

+1 
+3 
+1 


9 
1 
4 


25 
1 
9 


+ 15 


1902 


— 1 


1903 


-1-6 


1904 


4 


1 


+2 


Sum 


18 


36 


+22 



The standard deviation of A is the square root of the sum of 
the A squares, or 18, divided by 4. The square root of 18 divided 
by 4 is 2.1. Standard deviation of B, in like manner, is 3. The 
sum of AB divided by 4, or +22 divided by 4, equals +5.5. The 
correlation coefficient is +5.5 divided by the standard deviation 
of A multiplied by the standard deviation of B, or 5.5 divided by 
6.3, which gives +.87. A correlation coefficient of .87 is very 
high, perfect correlation being 1. Correlation over .5 is consid- 
ered fairly good, especially if there is a long list (fifty or more) 
of figures in each series. 

The formula for determining A in terms of B is : 



A equals r 



B 



Mathematical Study of Supply and Demand 



89 



In this formula, r is the correlation coefficient and o-a is the 
standard deviation of A, and o^b is the standard deviation of B. Sub- 
stituting for the specific problem, we get : 



2.1 
A equals .87 

3.0 
A equals .609 B 



B or 



When B is — 5 we would expect A to be 3.05 ; when B is +1 we 
would expect A to be +.609 ; when B is + 3, we would expect A to 
be 1.827. 

Suppose now, in addition, that there are three series : A, B and 
C, and that the object is to determine A in terms of B and C. The 
three series stand: 





A 


B 


C 


1901 


—3 
—1 

+2 
+2 


—5 

+1 
+ 3 

+1 


+2 


1902 


+ 3 


1903 


—3 


1904 


—2 







We already know that the standard deviation of A is 2.1, and 
of B is 3.0, and that the correlation coefficient between A and B 
is +.87. Using the customary method, we find that the standard 
deviation of C is 2.55 and that the correlation coefficient of A and 
C is — .89, and of B and C — .59. To find A in terms of B and 
C, we use the following formula : 



A equals 



\h — ac rbc ^a 



1 — !•• 



be 



+ ac — ab be 



be 



In this formula ^ab means correlation coefficient between A 
and B, etc. ; o-a means standard deviation of A. 
Substituting, we get: 



A equals 



+.87 



.65 



.53 2.1 

— B 

3.0 



+ .51 2.1 



.65 



2.55 



or, A equals .37 B — .49 C 



Applying this formula, we find that when C is +2 and B is — 5, 
as in the year 1901, we would expect A to be — 2.83, and when C 



90 



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Mathematical Study of Supply and Demand 93 

is +3 and B is +1, as in 1902, we would expect A to be — 1.1. In 
like mannei', in 1903, we would expect A to be +2.60 and in 1904 
+1.35. 

The results expressed in a table are : 



1901. 
1902. 
1903. 
1904. 



Actual 
A 



—3 
— 1 

+2 
+2 



A as predicted by 

formula from 

B and C 



—2.83 
—1.10 
+2.60 
+ 1.35 



The practical problem is to express hog prices in terms of hog 
receipts and bank clearings. Practically the same method is used 
with the 168 months from 1903 thru 1916, as with the four years 
which have just been used for illustration. 

The standard deviations are 10.1 for hog receipts, 10.5 for hog 
prices and 9.8 for bank clearings. The correlation coefficients 
are +.39 between hog prices and bank clearings, +.26 between 
hog receipts and bank clearings, and — A between hog receipts and 
hog prices. 

Using the formula : 



"a 
A equals r B 



and allowing A to represent hog prices and B to represent bank 
clearings, Ave get : 

10.5 
Hog prices equal .39 bank clearings, or 

9.8 
Hog prices equal .417 bank clearings 

This formula is converted back into percentage departures 
from secular trend modified seasonally, and finally into hog prices 
as affected by bank clearings. The demand, or bank clearing, 
price, of hogs as compared with the actual is shoAvn in Chart VI. 

In like manner we get : 

10.5 
Hog prices equal —.4 hog receipts, or 

10.1 
Hog prices equal —.426 hog receipts 

This formula is converted back into percentage departures 
from the secular trend modified seasonally, and finally into hog 
prices as affected by hog receipts. The supply price of hogs as 
compared with the actual is shown in Chart VII. 

Using the longer formula on page 89, we get: Hog prices 
equal .56 bank clearings minus .56 hog receipts. Or converted 



94 



Agricultural Prices 



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Mathematical Study of Supply and Demand 



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96 



Agricultural Prices 




Mathematical Study of Supply and Demand 97 

into percentage departures from the secular trend corrected sea- 
sonally : .90 of bank clearings in percentage departures minus .51 
of hog receipts in percentage departures equals the percentage 
which hog prices depart from their secular corrected seasonally. 
For instance, in January, 1903, bank clearings were 8 per cent 
above the secular corrected seasonally, and hog receipts were 5 per 
cent below. Eight times .90 plus 5 times .51 gives 9.7 as the per- 
centage which we would expect hog prices to be over their secular 
corrected seasonally. The secular for January, 1903, was $5.19; 
9.7 per cent of $5.19 gives 50 cents. The secular corrected sea- 
sonally for January, 1903, is $4.98. Add 50 cents to $4.98 and 
we get $5.48 as the price which we would have expected heavy hogs 
to sell at Chicago in January, 1903, on the basis of good business 
and small hog receipts. Actually, hogs sold for $6.60, or $1.1^ 
over the price predicted by formula. 

This is done for all the months from 1903 to 1916, and the 
supply-and-demand price of hogs, as derived from hog receipts at 
Chicago and bank clearings outside of New York is charted in 
Chart VIII, in comparison with the actual prices. 



PREDICTING THE FUTURE OF HOG PRICES 

WE ASSUME that at the present time, and probably for some 
thne to come, we are on a basis of 90 per cent above 1913 
for hog prices, and 100 per cent over 1913 in bank clearings. This 
conclusion is based to some extent on the reasoning presented in 
the June monthly supplement of the Harvard Review of Economic 
Statistics for the year 1919. 

On this basis, the secular trend of heavy hog prices at Chicago, 
modified seasonally, should be roughly as follows for the several 
years beginning with 1919: January, $14.35; February, $15.07; 
March, $15.82 ; April, $15.67; May, $15.22; June, $15.22; July, 
$15.52; August, $15.22; September, $15.52; October, $15.07; 
November, $14.16, and December, $13.86.* This is on the assump- 
tion that hog prices and prices generally will have for their normal 
mean a level 90 per cent above the 1913 level. It is expected that 
in a rough way hog prices will depart from this level according to 
the size of hog receipts and the condition of general business as 
expressed by bank clearings. (During 1920, and possibly 1921, 
heavy exports will doubtless have influence.) 

The secular trend of bank clearings outside New York, modi- 
fied seasonally, for the year beginning with 1919, is taken as: 
January, $13,952,000,000; February, $11,648,000,000; March, 
$13,056,000,000; April, $12,800,000,000; May, $12,416,000,- 
000; June, $12,416,000,000; July, $12,544,000,000; August, 
$11,648,000,000; September, $12,032,000; October, $13,824,000,- 
000 ; November, $13,440,000,000, and December, $13,824,000,000. 

The secular trend of hog receipts at Chicago in millions of 
pounds, modified seasonally, for the period beginning with 1919, 
is taken as: January, 184; February, 163; March, 143; April, 
118; May, 139; June, 139; July, 121; August, 121; September, 
103; October, 120; November, 144, and December, 180. 

Based on the formiula as secured in the preceding chapter (hog 
price equals .56 bank clearings minus .56 hog receipts), we would 
expect the following scale of hog prices in January, when receipts 



*These figures are based on seasonal correction factors as follows: 
January, 96; February, 100; March, 105; April, 104; May, 101; June, 101; 
July, 103; August, 101; September, 103; October, 100; November, 94; 
December, 92. These factors are practically the same as those used on 
page 84. 



Predicting the Future of Hog Prices 99 

follow the secular trend (184,000,000 pounds at Chicago), but 
bank clearings are variable: 



Bank Clearings in January. Heavy Hog Prices. 
$11,000,000,000 $11.35 

11,500,000,000 11.85 

16,500,000,000 16.85 

In like manner, tables may be made up for each month of the 
3^ear, the idea being that for each $500,000,000 the bank clearings 
outside of New York are above or below the secular trend season- 
ally modified, fifty cents is added to or subtracted from the secu- 
lar trend hog price seasonally modified. Thus for April the 
tables would be: 

Bank Clearings in April. Heavy Hog Prices. 
$ 9,800,000,000 $12.67 

12,800,000,000 15.67 

15,800,000,000 18.67 

Taking the tables as worked out for bank clearings and hog 
prices, we next modify for hog receipts. An excess of 33,000,000 
pounds of hog receipts at Chicago in a month means on the average 
$1.80 lower prices, aiid vice versa. Thus, in January, with bank 
clearings at $13,952,000,000, we would expect the following prices 
with various sizes of hog receipts : 



Receipts (in Pounds). 


Heavy Hog Prices, 


162,000,000 


$15.55 


184,000,000 


14.35 


195,000,000 


13.75 


206,000,000 


13.15 


228,000,000 


11.95 



The tables herewith give this problem worked out in detail for 
the various months. It is realized that at this writing, in early 
1920, financial matters are still so deranged by the great war that 
our secular trend for bank clearings may be wide of the mark. 
This is the best prediction we can offer at this writing, and we are 
offering it fully aware of its weakness, but fully believing that pre- 
dictions of this sort will stimulate more thoro research. It is be- 
lieved that better measures of demand may eventually be found 
than bank clearings outside of New York City, and that better 
measures of supply may be found than receipts at Chicago. Also 
there is a possibility that the varying size of exports of hog prod- 
ucts should be taken into account. 



100 



Agricultural Prices 



PRICE OF HEAVY HOGS PER HUNDREDWEIGHT, AS PREDICTED 

FROM HOG RECEIPTS AND BANK CLEARINGS 

OUTSIDE OF NEW YORK CITY. 

JANUARY. 



Bank Clearings 


Hog Receipts at Chicago, in Millions of Pounds. 


Outside New York. 


162 ] 173 


184 


195 


206 


217 


228 


239 


$13,000,000.000 

13,500,000,000 

14,000,000,000 

14,500,000,000 

15,000,000,000 

15,500,000,000 

16,000,000,000 

16,500,000,000 


$14.55 
15.05 
15.55 
16.05 
16.55 
17.05 
17.55 
18.05 


$13.95 
14.45 
14.95 
15.45 
15.95 
16.45 
16.95 
17.45 


$13.35 
13.85 
14.35 
14.85 
15.35 
15.85 
16.35 
16.85 


$12.75 
13.25 
13.75 
14.25 
14.75 
15.25 
15.75 
16.25 


$12.15 
12.65 
13.15 
13.65 
14.15 
14.65 
15.15 
15.65 


$11.55 
12.05 
12.55 
13.05 
13.55 
14.05 
14.55 
15.05 


$10.95 
11.45 
11.95 
12.45 
12.95 
13.45 
13.95 
14.45 


$10.35 
10.85 
11.35 
11.85 
12.35 
12.85 
13.35 
13.85 



FEBRUARY. 



Bank Clearings 


Hog Receipts at Chicago, in Millions of Pounds. 


Outside New York. 


141 


152 1 163 


174 


185 


196 


207 


218 


$10,600,000,000 

11,100,000,000 

11,600,000,000 

12,100,000,000 

12,600,000,000 

13,100,000,000 

13,600,000,000 

14,100,000,000 


$15.27 
15.77 
16.27 
16.77 

17.27 
17.77 
18.27 
18.77 


$13.67 
14.17 
14.67 
15.17 
15.67 
16.17 
16.67 
17.17 


$14.07 
14.57 
15.07 
15.57 
16.07 
15.57 
17.07 
17.57 


$13.47 
13.97 
14.47 
14.97 
15.47 
15.97 
16.47 
16.97 


$11.87 
12.37 
12.87 
13.37 
13.87 
14.37 
14.87 
15.37 


$12.27 
12.77 
13.27 
13.77 
14.27 
14.77 
15.27 
15.77 


$11.67 
12.17 
12.67 
13.17 
13.67 
14.17 
14.67 
15.17 


$11.07 
11.57 
12.07 
12.57 
13.07 
13.57 
14.07 
14.57 



MARCH, 



Bank Clearings 


Hog Receipts at Chicago, in Millions of Pounds. 


Outside New York. 


121 


132 


143 


154 


165 


176 


187 


198 


$12,100,000,000 

12,600,000,000 

13,100,000,000 

13,600,000,000 

14,100,000,000 

14,600,000,000 

15,100,000,000 

15,600,000,000 


$16.02 
16.52 
17.02 
17.52 
18.02 
18.52 
19.02 
19.52 


$15.42 
15.92 
16.42 
16.92 
17.42 
17.92 
18.42 
18.92 


$14.82 
14.32 
15.82 
16.32 
16.82 
17.32 
17.72 
18.32 


$14.22 
14.72 
15.22 
15.72 
16.22 
16.72 
17.22 
17.72 


$13.62 
14.12 
14.62 
15.12 
15.62 
16.12 
16.62 
17.12 


$13.02 
13.52 
14.02 
14.52 
15.02 
15.52 
16.02 
16.52 


$12.42 
12.92 
13.42 
13.92 
14.42 
14.92 
15.42 
15.92 


$11.82 
12.32 
12.82 
13.32 
13.82 
14.32 
14.82 
15.32 



APRIL. 



Bank Clearings 


Hog Receipts at Chicago, in Millions of Pounds. 


Outside New York. 


96 


107 


118 


129 


140 


151 


162 


173 


$11,800,000,000 

12,300,000,000 

12,800,000,000 

13,300,000,000 

13,800,000,000 

14,300,000,000 

14,800,000,000 

15,300,000,000 


$15.87 
16.37 
16.87 
17.37 
17.87 
18.37 
18.87 
19.37 


$15.27 
15.77 
16.27 
16.77 

17.27 
17.77 
18.27 
18.77 


$14.67 
15.17 
15.67 
16.17 
16.67 
17.17 
17.67 
18.17 


$14.07 
14.57 
15.07 
15.57 
16.07 
16.57 
17.07 
17.57 


$13.47 
13.97 

14.47 
14.97 
15.47 
15.97 
16.47 
16.97 


$12.87 
13.37 
13.87 
14.37 
14.87 
15.37 
15.87 
16.37 


$12.27 
12.77 
13.27 
13.77 
14.27 
14.77 
15.27 
15.77 


$11.67 
12.17 
12.67 
13.17 
13.67 
14.17 
14.67 
15.17 



Predicting the Future of Hog Prices 



101 



PRICE OF HEAVY HOGS PER HUNDREDWEIGHT, AS PREDICTED 

FROM HOG RECEIPTS AND BANK CLEARINGS OUTSIDE 

OF NEW YORK CITY— Continued. 







MAY. 












Bank Clearings 


Hog Receipts at Chicago, in Millions of Pounds. 


Outside New York. 


117 


128 


139 


150 


161 


172 


183 


194 


$11 400 000 000 .... 


$15.42 
15.92 
16.42 
16.92 
17.42 
17.92 
18.42 
18.92 


$14.82 
15.32 
15.82 
16.32 
16.82 
17.32 
17.82 
18.32 


$14.22 
14.72 
15.22 
15.72 
16.22 
16.72 
17.22 
17.72 


$13.62 
14.12 
14.62 
15.12 
15.62 
16.12 
16.62 
17.12 


$13.02 
13.52 
14.02 
14.52 
15.02 
15.52 
16.02 
16.52 


$12.42 
12.92 
13.42 
13.92 
14.42 
14.92 
15.42 
15.92 


$11.82 
12.32 
12.82 
13.32 
13.82 
14.32 
14.82 
15.32 


$11.22 


11,900,000,000 

12,400,000,000 

12,900,000,000 

13,400,000,000 

13,900,000,000 

14,400,000,000 

14,900,000,000 


11.72 
12.22 
12.72 
13.22 
13.72 
14.22 
14.72 



JUNE. 



Bank Clearings 


Hog Receipts at Chicago, in Millions of Pounds. 


Outside New York. 


117 


128 


139 


150 


161 


172 


183 


194 


$11,400,000,000 

11,900,000,000 

12,400,000,000 

12,900,000,000 

13,400,000,000 

13,900,000,000 

14,400,000,000 

14,900,000,000 


$15.42 
15.92 
16.42 
16.92 
17.42 
17.92 
18.42 
18.92 


$14.82 
15.32 
15.82 
16.32 
16.82 
17.32 
17.82 
18.32 


$14.22 
14.72 
15.22 
15.72 
16.22 
16.72 
17.22 
17.72 


$13.62 
14.12 
14.62 
15.12 
15.62 
16.12 
16.62 
17.12 


$13.02 
13.52 
14.02 
14.52 
15.02 
15.52 
16.02 
16.52 


$12.42 
12.92 
13.42 
13.92 
14.42 
14.92 
15.42 
15.92 


$11.82 
12.32 
12.82 
13.32 
13.82 
14.32 
14.82 
15.32 


$11.22 
11.72 
12.22 
12.72 
13.22 
13.72 
14.22 
14.72 



JULY. 



Bank Clearings 


Hog Receipts at Chicago, in Millions of Pounds. 


Outside New York. 


99 1 110 


121 


132 


143 


154 


165 


1*6 


$11,500,000,000 

12,000,000,000 

12,500,000,000 

13,000,000,000 

13,500,000,000 

14,000,000,000 

14,500,000,000 

15,000,000,000 


$15.72 
16.22 
16.72 
17.22 
17.72 
18.22 
18.72 
19.22 


$15.12 
15.62 
16.12 
16.62 
17.12 
17.62 
18.12 
18.62 


$14.52 
15.02 
15.52 
16.02 
16.52 

'17.02 
17.52 
18.02 


$13.92 
14.42 
14.92 
15.42 
15.92 
16.42 
16.92 
17.42 


$13.32 
13.82 
14.32 
14.82 
15.32 
15.82 
16.32 
16.82 


$12.72 
13.22 
13.72 
14.22 
14.72 
15.22 
15.72 
16.22 


$12.12 
12.62 
13.12 
13.62 
14.12 
14.62 
15.12 
15.62 


$1L52 
12.02 
12.52 
13.02 
13.52 
14.02 
14.52 
15.02 



AUGUST. 



Bank Clearings 


Hog Receipts at Chicago, in Millions of Pounds. 


Outside New York. 


99 


110 


121 1 132 


143 


154 


165 


176 


$10,600,000,000 

11,100,000,000 

11,600,000,000 

12,100,000,000 

12,600,000,000 

13,100,000,000 

13,600,000,000 

14,100,000,000 


$15.42 
15.92 
16.42 
16.92 
17.42 
17.92 
18.42 
18.92 


$14.82 
15.32 
15.82 
16.32 
16.82 
17.32 
17.82 
18.32 


$14.22 
14.72 
15.22 
15.72 
16.22 
16.72 
17.22 
17.72 


$13.62 
14.12 
14.62 
15.12 
15.62 
16.12 
16.62 
17.12 


$13.02 
13.52 
14.02 
14.52 
15.02 
15.52 
16.02 
16.52 


$12.42 
12.92 
13.42 
13.92 
14.42 
14.92 
15.42 
15.92 


$11.82 
12.32 
12.82 
13.32 
13.82 
14.32 
14.82 
15.32 


$11.22 
11.72 
12.22 
12.72 
13.22 
13.72 
14.22 
14.72 



102 



Agricultural Prices 



PRICE OP HEAVY HOGS PER HUNDREDWEIGHT, AS PREDICTED 

FROM HOG RECEIPTS AND BANK CLEARINGS OUTSIDE 

OP NEW YORK CITY— Continued. 

SEPTEMBER. 



Bank Clearings 


Hog Receipts at Chicago, in Millions of Pounds. 


Outside New York. 


81 


92 


103 


114 


125 


138 


147 


158 


$11,000,000,000 

11,500,000,000 

12,000,000,000 

12,500,000,000 

13,000,000,000 

13,500,000,000 

14,000,000,000 

14,500,000,000 . . . . . 


$15.72 
18.22 
16.72 
17.22 
17.72 
18.22 
18.72 
19.22 


$15.12 
15.62 
16.12 
16.82 
17.12 
17.62 
18.12 
18.82 


$14.52 
15.02 
15.52 
16.02 
16.52 
17.02 
17.52 
18.02 


$13.92 
14.42 
14.92 

15.42 
15.92 
16.42 
18.92 
17.42 


$13.32 
13.82 
14.32 
14.82 
15.32 
15.82 
16.32 
16.82 


$12.72 
13.22 
13.72 
14.22 
14.72 
15.22 
15.72 
18.22 


$12.12 
12.62 
13.12 
13.62 
14.12 
14.82 
15.12 
15.62 


$11.52 
12.02 
12.52 
13.02 
13.52 
14.02 
14.52 
15.02 



OCTOBER. 



Bank Clearings 


Hog Receipts at Chicago, in Millions of Pounds. 


Outside New York. 


98 


109 


120 


131 


142 


153 


164 


175 


$12,800,000,000 

13,300,000,000 

13,800,000,000 

14,300,000,000 

14,800,000,000 

15,300,000,000 

15,800,000,000 

16,300,000,000 


$15.27 
15.77 
18.27 
16.77 
17.27 
17.77 
18.27 
18.77 


$14.67 
15.17 
15.67 
18.17 
18.67 
17.17 
17.67 
18.17 


$14.07 
14.57 
15.07 
15.57 
16.07 
16.57 
17.07 
17.57 


$13.47 
13.97 
14.47 
14.97 
15.47 
15.97 
16.47 
18.97 


$12.87 
13.37 
13.87 
14.37 
14.87 
15.37 
15.87 
16.37 


$12.27 
12.77 
13.27 
13.77 
14.27 
14.77 
15.27 
15.77 


$11.67 
12.17 
12.67 
13.17 
13.67 
14.17 
14.67 
15.17 


$11.07 
11.57 
12.07 
12.57 
13.07 
13.57 
14.07 
14.57 



NOVEMBER. 



Bank Clearings 


Hog Receipts at Chicago, in Millions of Pounds. 


Outside New York. 


122 


133 ! 144 


155 


188 


177 


188 


199 


$12,400,000,000 

12,900,000,000 

13,400,000,000 

13,900,000,000 

14,400,000,000 

14,900,000,000 

15,400,000,000 

15,900,000,000 


$14.36 
14.86 
15.36 
15.88 
16.36 
18.86 
17.36 
17.86 


$13.76 
14.28 
14.76 
15.26 
15.78 
18.26 
16.78 
17.28 


$13.16 
13.86 
14.18 
14.66 
15.16 
15.86 
16.16 
16.66 


$12.58 
13.08 
13.56 
14.06 
14.58 
15.08 
15.56 
18.08 


$11.96 
12.46 
12.96 
13.46 
13.96 
14.46 
14.96 
15.46 


$11.36 
11.86 
12.36 
12.86 
13.36 
13.86 
14.38 
14.86 


$10.76 
11.26 
11.76 
12.26 
12.76 
13.26 
13.76 
14.26 


$10.16 
10.66 
11.16 
11.66 
12.16 
12.66 
13.16 
13.66 



DECEMBER. 



Bank Clearings 


Hog Receipts at Chicago, in Millions of Pounds. 


Outside New York. 


158 


169 


180 


191 


202 


213 


224 


235 


$12,800,000,000 

13,300,000,000 

13,800,000,000 

14,300,000,000 

14,800,000,000 

15,300,000,000 

15,800,000,000 

16,300,000,000 


$14.08 
14.56 
15.06 
15.58 
16.06 
16.56 
17.06 
17.56 


$13.46 
13.98 
14.46 
14.96 
15.48 
15.96 
16.46 
16.96 


$12.86 
13.38 
13.86 
14.36 
14.86 
15.36 
15.86 
16.36 


$12.26 
12.76 
13.26 
13.76 
14.28 
14.76 
15.26 
15.76 


$11.88 
12.18 
12.68 
13.16 
13.68 
14.16 
14.68 
15.18 


$11.06 
11.58 
12.06 
12.58 
13.08 
13.58 
14.08 
14.58 


$10.48 
10.96 
11.46 
11.96 
12.46 
12.98 
13.48 
13.98 


$ 9.86 
10.36 
10.88 
11.38 
11.88 
12.36 
12.86 
13.36 



LIMITATIONS OF THE MATHEMATICAL 
METHOD 

SUCH a mathematical formula as : Hog prices equal .56 bank 
clearings — .56 hog receipts must always be applied with 
common sense. In November of 1914, for instance, hog receipts 
at Chicago were abnormally small on account of foot-and-mouth 
disease, and in December of the same year they were abnormally 
large for the same reason. Judging from receipts, we might have 
expected heavy hogs to sell for $8.83 in November and $6.44 in 
December. As a matter of fact, the actual price was $7.50 in 
November and $7.10 in December. It was commonly recognized 
by the trade that hog receipts at Chicago in November and Decem- 
ber of 1914 were abnormal, and not representative of the poten- 
tial supply in the country at large. 

Occasionally, as in November of 1907, falling prices act to 
curtail receipts. The small receipts in November, 1907, would 
have indicated a price of $6.75, whereas the actual price was, $4.90. 
As a matter of fact, there was a large number of hogs that year, 
and the actual price reflected the potential supply rather than the 
temporary supply. 

It is possible to refine the method considerably. For instance, 
it may be worth while to proceed on the assumption that the rela- 
tion between hog prices and hog receipts is best expressed by an 
equation representative of a hyperbola or skew curve instead of a 
straight line. The straight line equation, based on the years 1903 
to 1915, inclusive, is : 

Hog prices equal — .8 — .56 hog receipts. 

The hyperbola equation for these years is : 

Hog prices equal — 1.24 — .55 hog receipts 

-I-.0046 hog receipts squared. 

The skew or cubic curve equation is : 

Hog prices equal — 1.18 — .24 hog receipts 

+.0027 hog receipts squared 
— .00079 hog receipts cubed. 

Using these more complex mathematical methods, it is often 
possible to express the relationships more exactly. But no method, 
however far refined, will take the place of common sense market 
judgment. Nevertheless, it may be decidedly helpful to a better 



104 



Agricultural, Prices 



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Limitations of the Mathematical Method 105 

understanding of the normal working of supply and demand to use 
both hyperbolas and cubic curves on occasion. 

Other refinements of the mathematical study of hog prices may 
consist in working out the correlation coefficients between hog 
prices and receipts at six markets or eleven markets instead of 
using Chicago receipts alone. Work may be done looking into 
the relation between hog prices and potential supply as contrasted 
Avith the temporary or month-by-month supply. So far as the 
relation between hog prices and business conditions is concerned, 
it should be worth Avhile to work out correlation coefficients be- 
tween hog prices and the amount of new building, or hog prices and 
Dun's index number. In fact, there are a great many measures 
of business activities which may possibly measure the demand for 
hogs better than bank clearings outside of New York City.* 

Some people may think it advisable to work out a correlation 
and line of regression illustrating the relation betAveen hog prices 
and corn prices. This has been attempted, but it has been found 
that after the secular and seasonal trends are taken out of both 
corn prices and hog prices there is practically no rela.tion between 
them. It is a curious commentary on our present marketing sys- 
tems that corn prices and hog prices, while very closely related 
decade by decade, have very little influence on each other month 
by month. In other words, changing costs of production can have 
practically nothing to do with the month-by-month changes in the 
market price under our present economic system. Unusually high 
corn prices today are more likely to influence the hog prices of next 
year than the hog prices of today. 

After everything has been done which can be done by mathe- 
matical method, there will still be room for common-sense judg- 
ment. But such judgment is best applied by men wise in market 
lore, men familiar Avith the technique of production, and who also 
are familiar with such mathematical methods as are here described. 



Since the chapter, "Limitations of the Mathematical Method," was 
written, it has been discovered that hog receipts at eleven markets are a 
more accurate indicator of hog prices than receipts at Chicago, and that 
prices of Connelsville coke are a better indicator of the demand for hogs 
than bank clearings outside New York City. The multiple coefficient of 
correlation between hog prices on the one hand and Chicago hog receipts 
and bank clearings outside New York City on the other hand is .65, whereas 
between hog prices and hog receipts at eleven markets and coke prices 
the multiple coefficient of correlation is .70. 



CONCLUSIONS BASED ON RATIOS AND 

MATHEMATICS OF SUPPLY AND 

DEMAND 

BY MEANS of corn-hog ratios, it is possible to determine with 
great accuracy month by month the production cost of one 
hundred pounds of hog flesh. The actual price, however, has been 
quite different from the cost-of-production price, except as an 
average of long periods of time. This is indicated by the profit 
and loss chart on page 32, the black areas above and below the 
zero line indicating the departure of the actual price from the ratio 
or cost of production price. 

The actual price heretofore has been determined chiefly by the 
action of supply and demand and not by cost of production. The 
close agreement between actual price and the supply-and-demand 
price as based on a formula derived from bank clearings and hog 
receipts is shown on page 96. In the chart on page lOT are present- 
ed the cost-of-production price based on ratios and the supply-and- 
demand price as based on bank clearings and hog receipts. 

The ratio or cost-of-production price is much steadier than the 
supply-and-demand price. If the farmers could arrange with the 
packers for a price more nearly representing the cost-of-production 
or ratio price, it is obvious that the supply of hogs might be con- 
siderably steadied. Once farmers realize that neither excessive 
profits nor excessive losses are to be expected in the hog business, 
they will steady down to producing about the same number of hogs 
each year, and the}'^ will send them to market in a uniform stream, 
instead of in irregular spurts. 

Of course, there are always uncertainties in the way of weather, 
disease, etc. Hot, dry weather in July and August may curtail 
the com crop and shoot up the price of corn and the cost of pro- 
ducing hogs. Such hot, dry weather immediately increases the 
cost of producing hogs. The packers, heretofore, have been either 
unable or unwilling to pay a price for hogs sufficient to cover the 
increased cost of production caused by the hot, dry weather, and 
as a result they have been compelled to pay more than cost of pro- 
duction a year or so later. Why shouldn't the packers and farm- 
ers constantly educate the public to pay the cost-of-production 
price.'' Tell the public that the drouth and high corn prices have 
increased the cost of producing hogs, and the price must be in- 
creased to prevent a shortage next year. Why shouldn't the farm- 























































































































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O d 



108 Agricultural Prices 

ers try to find a way to regulate the supply with an iron hand, in 
an endeavor to maintain approximately the cost-of-production 
price at all times? This means willingness to lower the price of 
hogs in years when the corn crop is large, as well as ability to raise 
the price in years of a short corn crop. 

Unquestionably there are vagaries in the consuming demand 
for pork which might make the payment of a cost-of-production 
price difficult for a time. It is believed, however, that powerful 
corn belt farmers' organizations working in co-operation with the 
packers should be able to educate consumers to the cost-of-produc- 
tion idea, and so far as seasonal vagaries in the demand are con- 
cerned, the farmers and packers should be able to come to an 
agreement providing for paying rather more than the demand 
price for hogs in times of poor demand and rather less than the 
demand price for hogs in times of good demand, in an effort to 
make price meet cost of production rather than temporary demand 
idiosyncrasies. 

It is realized that the difficulties in the way of paying cost of 
production at all times are even greater than here indicated. The 
idea, in fact, runs counter to the laissez faire, competitive price 
system under which business is conducted today. It is believed, 
however, that in the future more and more attention must be paid 
to production and less and less to price manipulation. To this 
end, products must be sold at all times as nearly as possible at the 
cost-of-production price. There must be no prospect of unusual 
profit or unusual loss in the production of staple products. We 
are now referring to industries as a whole. It is inevitable, of 
course, that certain individuals will make great profits and others 
will incur losses, even in years when the cost-of-productoin or ratio 
price is paid. Full consideration must always be given to the phy- 
sical facts and to special emergencies as they arise. Standard 
ratios representing cost of production for an industry may sud- 
denly be rendered out-of-date by a new invention. New situations 
must be recognized frankly, but at all times the guiding motive 
should be to pay the cost-of-production price, in order that supply 
and demand may operate more smoothly. 

To give the cost of production price broader sway in our price 
system does not necessarily involve governmental control. The 
first step is education in price judging. Even in the grade schools 
and country schools, ratio methods of price judgment should be 
taught. In high schools the matter may be carried farther, and 
it is suggested that not only should the ratio method of price judg- 
ing be taught in high school, but also the practical use of correla- 



Conclusions 109 

tion coefficients and lines of regression in determining prices from 
business conditions and the supply. In college (and the colleges 
have been most neglectful in this matter) specific problems should 
be worked out in great detail. Students in such classes should 
have access to adding machines, calculating machines, rechentaf- 
fels, and other modern devices for making calculations easy and 
accurate. But the most important thing of all just now is ade- 
quate research by colleges, by experiment stations, and by govern- 
mental departments. The government and market agencies must 
continue to improve their statistical records, and research students 
must study these records with all the refinements of statistical 
method. 

An excellent start along this line has been made by the Harvard 
Universit}'^ Committee on Economic Research. This committee 
seems to be concerned altogether with the industrial world. It is 
essential that the agricultural world be given similar service. 

The object of it all is to discover the best possible kind of ma- 
chinery thru which the law of supply and demand may work to the 
end that violent fluctuations in supply and demand may be re- 
duced to the lowest possible point consistent with changing weather 
and unforeseeable accidents. The present price system is not per- 
fect ; it can be improved. But before improvements can be made, 
the present system must be studied with the greatest thoroness. 
The great weakness of the present price system is that the men who 
operate it are concerned chiefly with making the greatest possible 
profit, and not at all with making the law of supply and demand 
operate smoothly on a price level roughly equivalent to cost of 
production. 

The highest purpose of our price system should be to tell pro- 
ducers truthfully what to do in the future, instead of capitalizing 
a temporary supply and demand situation to the advantage of cer- 
tain bright speculators. The $4.50 price for hogs in January of 
1908 was a lie so far as it guided the future action of hog pro- 
ducers. So also was the $11 price in March of 1910. Both prices 
told the approximate truth about a temporary supply-and-demand 
situation. But both were fundamentally lies. Our whole laissez 
faire system is full of lies of this sort. Surely we have enough in 
the way of legitimate physical handicaps such as weather and pests 
so that we should be willing to run our price system more truth- 
fully. 

So far as farmers are concerned, the object of studies of this 
kind is, first, to play the price game as well as capital and labor; 
and, second, to co-operate with capital and labor to enforce prices 



110 Agricultural, Prices 

roughly equivalent to cost of production, to the end that supply 
and demand may operate more smoothly. 

It is anticipated that greater emphasis on "cost-of-production 
price" and less emphasis on "supply-and-demand price" will result 
in gradually replacing most business men with production engi- 
neers and statistical economists. Business men have had profit as 
their sole motive. What we need is production engineers whose 
chief concern is production methods, and statistical economists 
who are able to understand the delicate inter-relations of different 
industries. It is believed that there is in most men a desire to do 
their work well, and that this desire will find more complete ex- 
pression, to the benefit of the bulk of the people, under the guid- 
ance of men whose supreme motive is not profit but technical under- 
standing and love of the work to be done. All this concerns the 
farmer, to the extent that when the industrial world shifts to this 
kind of basis, he may be more certain of a stable price for his 
products. 

Substituting production engineers and statistical economists for 
business men means doing away with the chance of excessive gains 
and excessive losses. And this is proper so far as production of 
and trade in staple products is concerned. 

The onl}'^ place where the commercial imagination of the old- 
fashioned risk-taking business men has legitimate place is in work- 
ing with things which are not staple, such as theaters, luxuries, 
newspapers, etc. 



APPENDIX 

iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiy^ 



SUGGESTIONS CONCERNING THE TABLES 
IN THE APPENDIX 

THE man who studies the figures as to receipts, prices, etc., as 
thej unroll day by day and month by month in the great 
central markets gradually develops market judgment. Of course, 
there is more in the market than figures, but a thoro understanding 
of statistical relationships, of normal seasonal trends, etc., is nec- 
essary before one can fully appreciate the extraordinary or stra- 
tegical considerations which are occasionally involved. 

It is suggested that those who are really interested in prices 
should fill in month by month in the blank tables the figures as they 
become available. Sources of current figures are the Market Re- 
porter, published weekly by the United States Department of Agri- 
culture ; the daily live stock papers published at the great central 
markets ; the Monthly Crop Reporters, published by the United 
States Department of Agriculture, and, so far as retail prices are 
concerned, the monthly publications of the Bureau of Labor Sta- 
tistics. It is hoped that eventually the Bureau of Markets of the 
United States Department of Agriculture will have available ex- 
ceedingly valuable figures. At present, however, the Bureau of 
Markets figures are practically worthless because they have not 
been continued long enough to have sufficient background to ena,ble 
anyone to judge them properly. 

The effort has been made in the prices here collected to cover 
the period immediately preceding the war quite thoroly, in order 
that those who are interested may work out normal pre-war rela- 
tionships. 

In all price questions, the problem of grade is involved. Gradu- 
ally the grade classifications have been made more and more scien- 
tific, but even to this day there is haziness in certain products, 
notably cattle. It is believed, therefore, that the cattle prices are 
more unreliable than any other. Scientific grading of cattle is 
possible, and will be adopted as soon as the producers are in posi- 
tion to demand it. 

Market figures furnish the laboratory of economics. It is be- 
lieved that it is as essential for students at agricultural colleges to 
do laboratory work in economics as it is for them to spend such a 
large part of their time in the chemical, zoological or botanical 
laboratories. When the agricultural students judge marketable 
live stock, it is suggested that they be required to estimate the 



114 Agriculttjrai. Prices 

weight, grade, dressing percentage and probable Chicago price. 
An ingenious teacher, who is famihar with economics and market 
grades of grain and live stock, can think of many devices to bring 
home to his students the fact that the market is a living thing, yet 
subject to certain laws which are almost as exact as Mendel's law 
of inheritance. 

The author will appreciate being informed of any mistakes in 
the figures. Great pains have been taken to make them accurate, 
but it is inevitable that a few mistakes will creep in. 



The following gives a description of grades and sources of in- 
formation for some of the products for which figures are given in 
the tables of the Appendix : 

HEAVY HOG PRICES AT CHICAGO. 

From 1896 to date, heavy hog prices, as compiled by Chas. A. S. 
McCracken for the Chicago Drovers' Journal Year Book, have been used. 
From 1881 to 1895, inclusive, the average of the range of Chicago hog 
prices, as compiled by the Cincinnati Price Current, has been used. 
Properly speaking, these prices refer more nearly to average hogs than 
to heavy hogs. Previous to 1881, prices have been compiled from the 
Chicago Board of Trade Reports, the grade known as heavy packers and 
shippers being used so far as possible. 



CORN PRICES AT CHICAGO. 

"^ No. 2 mixed has been used thruout. From 1880 to 1916, inclusive, the 
average of the high and low for the month has been taken. Since Jan- 
uary, 1917, each day of the month has been averaged. Previous to 1880, 
averages were taken either weekly or semi-monthly. All figures are de- 
rived either from the Howard-Bartels Red Book or the Chicago Board of 
Trade Reports. The two sources generally agree. 



OATS PRICES AT CHICAGO. 



Previous to 1876, the grade known as No. 1 was chiefly used. Since 
1876, No. 2, Standard or Contract oats has been used. Previous to 1881, 
averages were taken weekly or semi-monthly. Since 1881, the high and 
low for the month have been averaged. Previous to 1881, Chicago Board 
of Trade Reports were used. Since 1881, the Howard-Bartsls Red Books 
have been used, which quote practically the same figures as the Board 
of Trade. 



WHEAT PRICES AT CHICAGO. 

Previous to 1883, the grade known as No. 2 Spring was used, weekly 
or semi-monthly averages being taken from the Chicago Board of Trade 
Reports. From 1883 to 1903, inclusive, there is a slight confusion in 
grades, but the No. 2 Spring is used chiefly, averages of high and low for 
the month being taken from the Howard-Bartels Red Book. 

From 1904 to 1913, inclusive, prices are based on No. 2 Red and No. 1 
Northern, the high of the one and the low of the other being used. From 
1914 on, prices are based on No. 2 Red, No. 2 Hard and No. 1 Northern, 



Appendix 115 

the highest of the highest-priced grade and the lowest of the lowest-priced 
grade being averaged. 



LIVE STOCK PRICES AND RECEIPTS. 

Practically all of the live stock figures since 1903 have been compiled 
from the Chicago Drovers' Journal Year Books. Mr. Chas. A. S. McCi:aeken 
has compiled the price figures from actual transactions day by day in the 
stock yards for the past thirty years, and is still with the Drovers' Journal. 
The original source for live stock receipts is the stock yards companies, 
but we have used the reports of the Drovers' Journal. For the years 
1903, 1904 and 1905, for receipts at six markets, we have used figures fur- 
nished by Mr. M. F. Horine, statistician for the Chicago Union Stock 
Yards. These figures seem to be comparable with the figures for the 
later years, except in the case of cattle, where there is evidently some 
confusion in the counting of calves. The cattle receipts at six markets, 
as published by 1903, 1904 and 1905 reports, are about 8 per cent too large 
to be truly comparable with the later years. 



RETAIL PRICES. 



Retail price figures are taken from the publications of the Bureau of 
Labor Statistics. Concerning the significance of these figures, the fol- 
lowing statement of Royal Meeker, Commissioner of Labor Statistics, is 
of value: "We secure retail prices of 44 articles of food from 50 cities on 
the 15th of each month. The stores selected are those patronized by 
wage-earners. The goods carried are standard grades and brands. The 
Bureau requests that these grades and brands be uniform thruout the 
year, as nearly as possible. Some of these stores are 'cash-and-carry,' 
and some of them deliver, depending on the locality in which they are 
situated. The Bureau makes every effort to have each city represented 
by a sufficient number of stores so the prices published for that city will 
represent the average prices charged to the wage-earner. Of course, the 
chances are that there will be differences, as we do not carry either the 
high-class stores or the cut-rate stores." 



116 



Agricultural, Prices 
CHICAGO HEAVY HOG PRICES. 













I 










Ten- 




1860. 


1861. 


1862. 


1863. 


1864. 


1865. 


1866. 


1867. 


1868. 


1869. 


yr. 

av. 




$ 


$ 


$ 


$ 


$ 


$ 


$ 


$ 


$ 


$ 


$ 


January . . . . 


4.85 


5.05 


2.35 


3.60 


5.90 


11.15 


9.30 


6.10 


6.60 


10.15 


6.51 


February . . . 


5.25 


5.00 


2.50 


4.05 


6.35 


11.30 


9.45 


6.50 


7.75 


10.35 


6.85 


March 


5.05 


4.75 


3.00 


4.15 


6.55 


11.15 


9.40 


6.60 


8.65 


9.85 


6.92 


April 


4.90 


4.55 


2.90 


4.25 


6.95 


9.50 


8.55 


6.80 


8.55 


9.75 


6.67 


May 


4.80 


3.85 


2.50 


3.75 


6.45 


7.50 


8.70 


6.25 


8.25 


8.75 


6.08 


June ...... 


4.80 


3.10 


2.40 


4.15 


7.25 


7.80 


8.95 


5.90 


7.65 


8.75 


6.08 


July 


5.20 


2.70 

2.75 


2.55 
2.60 


4.25 
3.80 


8.55 
8.90 


9.25 
10.85 


9.40 
9.85 


6.05 
6.35 


8.35 
9.15 


8.95 
9.20 


6,53 


August 


5.35 


6.88 


September . . . 


5.30 


2.80 


2.90 


4.20 


9.50 


11.70 


9.30 


6,15 


8.70 


9.25 


6.98 


October . . . . 


5.30 


2.80 


2.90 


4.10 


8.65 


12.20 


8.65 


5.85 


7.50 


9.30 


6.73 


November . . . 


5.30 


2.65 


3.45 


4.50 


9.75 11.15 


6.95 


5.75 


7.00 


9.10 


6.56 


December . . . 


4.60 


2.45 


3.80 


5.05 


10.05 9.05 


5.85 


6.60 


8.35 


9.80 


6.56 


Yearly aver. 


5.06 


3.54 


2.83 


4.16 


7.91 10.23 


8.69 


6.24 


8.04 


9.44 


6.61 



CHICAGO HEAVY HOG PRICES— Continued. 



^ 






1 
















Ten- 




1870. 


1871. 


1872. 


1873. 


1874. 


1875. 


1876. 


1877. 


1878. 


1879. 


yr. 
av. 


January . . . . 


9.05 


6.60 


4.35 


3.85 


5.20 


6.60 


7.15 


6.45 


4.05 


2.90 


5.62 


February . . . 


9.00 


7.30 


4.45 


4.20 


5.35 


6.95 


7.95 


6.15 


3.90 


3.70 


5.90 


March 


8.55 


6.75 


4.45 


4.95 


5.30 


7.50 


8.55 


5.50 


3.70 


3.95 


5.92 


April 


8.80 


5.60 


4.25 


5.40 


5.50 


8.25 


8.05 


5.55 


3.55 


3.70 


5.87 


May 


8.75 


4.55 


4.05 


4.90 


5.50 


7.90 


7.15 


5.30 


3.30 


3.50 


5.49 


June 


8.60 


3.80 


3.90 


4.45 


5.55 


7.00 


6.05 


4.85 


3.50 


3.75 


5.15 


July 


9.00 


4.40 


4.05 


4.55 


6.05 


7.05 


7.00 


4.95 


4.10 


3.60 


5.48 


August 


9.50 


4.40 


4.65 


4.60 


6.90 


7.75 


6.15 


5.05 


4.25 


3.40 


5.67 


September . . . 


9.30 


4.45 


4.90 


4.50 


7.25 


8.00 


6.00 


5.30 


3.95 


3.45 


5.71 


October . . , . 


7.90 


4.30 


4.60 


4.30 


6.00 


7.95 


5.90 


5.35 


3.45 


3.60 


5.34 


November . . . 


6.85 


4.00 


4.25 


3.85 


6.50 


7.30 


5.75 


4.70 


2.95 


3.85 


5.00 


December . . . 


6.15 


4.15| 3.75 


4.70 


6.85 


6.95 


5.95 


4.25 


2.70 


4.55 


5.00 


Yearly aver. 


8.46 


5.03| 4.31 


4.53 


6.00 


7.44 


6.81 


5.29 


3.62 


3.67 


5.51 



CHICAGO HEAVY HOG PRICES— Continued. 



January . 
February 
March . . 
April . . , 
May . , . 
June . . . 
July . . . 
August . . 
September 
October . 
November 
December 
Yearly aver. 



1880. 

4.60 
4.45 
4.45 
4.50 
4.30 
4.30 
4.55 
4.95 
5.25 
4.85 
4.75 
4.75 
4.64' 



1881. 

Xl5 
5.90 
5.90 
5.95 
6.05 
5.90 
6.40 
6.50 
6.75 
6.60 
6.20 
6.15 



1882. 

"6JS0 
6.80 
6.80 
7.10 
7.70 
7.90 
8.20 
8.45 
8.40 
7.65 
6.75 
6.20 



6.131 7.38 



1883. 

"6:35 
6.90 
7.25 
7.50 
7.30 
6.50 
5.65 
5.50 
5.20 
4.70 
4.75 
5.20 
6.07' 



1884. 

6.70 
6.50 
5.95 
5.55 
5.20 
5.25 
5.70 
5.20 
4.70 
4.45 
4.20 
■5:44' 



1885. 

4.60' 
4.60 
4.55 
4.55 
4.05 
4.00 
4.55 
4.55 
4.10 
3.80 
3.50 
3.65 
1:21" 



1886. 

3.85" 
4.05 
4.15 
4.00 
4.00 
4.15 
4.60 
4.45 
4.35 
4.10 
3.75 
4.25 
134" 



1887. 

T45" 
5.20 
5.30 
5.00 
4.60 
4.55 
5.30 
4.75 
5.00 
4.50 
4.85 
5.20 



1888. 

'5T6' 
5.35 
5.45 
5.50 
5.55 
5.55 
6.10 
6.20 
6.20 
6.05 
5.95 
5.20 



4.89| 5.71' 



1889. 

■5:00" 
4.70 
4.75 
4.75 
4.50 
4.35 
4.40 
4.15 
4.20 
4.25 
3.85 
3.60 
4.38' 



Appendix 
CHICAGO HEAVY HOG PRICES— Continued. 



117 























Ten- 




1890. 


1891. 1892. 


1893. 


1894. 


1895. 


1896. 


1897. 


1898. 


1899. 


yr. 

av. 




$ 


$ 


$ 


$ 


$ 


$ 


$ 


$ 


$ 


? 


$ 


January . . . . 


3.70 


3.55 


4.25 


7.45 


5.30 


4.25 


3.95 


3.35 


3.65 


3.75 


4.32 


Februai'y . . . 


3.95 


3.50 


4.60 


7.95 


5.10 


4.15 


4.10 


3.35 


4.00 


3.80 


4.45 


March 


4.10 


4.20 


4.55 


7.55 


4.75 


4.60 


3.90 


3.85 


3.90 


3.80 


4.52 


April 


4.25 


4.80 


4.50 


7.05 


5.00 


4.90 


3.55 


4.05 


3.90 


3.85 


4.59 


May 


4.05 


4.65 
4.50 


4.55 
5.00 


7.40 
6.65 


4.90 

4.75 


4.55 
4.65 


3.30 
3.15 


3.75 
3.40 


4.35 
4.10 


3.90 
3.80 


4.54 


June 


3.75 


4.38 


July 


3.75 


5.10 
5.10 


5.65 
5.40 


5.60 
5.05 


5.30 
5.35 


5.10 
4.65 


3.05 
3.05 


3.50 
3.90 


3.95 
3.90 


4.25 
4.55 


4.53 


August 


3.80 


4.48 


September . . . 


4.35 


4.90 


5.15 


6.00 


5.85 


4.10 


2.90 


4.00 


3.85 


4.40 


4.55 


October . . . . 


4.05 


4.50 


5.35 


6.40 


5.15 


3.85 


3.25 


3.75 


3.70 


4.30 


4.43 


November . . . 


3.80 


3.85 


5.50 


5.70 


4.35 


3.55 


3.25 


3.40 


3.45 


3.90 


4.08 


December . . . 


3.40 


3.65 


6.15 


5.65 


4.35 


3.50 


3.25 


3.35 


3.40 


4.05 


4.08 


. Yearly aver. 


3.92 


4.36 


5.06 


6.54 


5.02 


4.33 


3.39 


3.64 


3.85 


4.03 


4.41 



CHICAGO HEAVY HOG PRICES— Continued. 

























Ten- 




1900. 


1901. 


1902. 


1903. 


1904. 


1905. 


1906. 


1907. 


1908. 


1909. 


yr. 

av. 


January . . . . 


4.55 


5.25 


6.40 


6.60 


4.95 


4.70 


5.40 


6.60 


4.45 


6.20 


5.51 


February , . , 


4.90 


5.40 


6.30 


7.00 


5.25 


4.90 


6.00 


7.05 


4.50 


6.45 


5.78 


March 


5.00 


5.90 


6.50 


7.45 


5.50 


5.20 


6.30 


6.65 


5.05 


6.80 


6.04 


April .....' 


5.55 


5.85 


7.10 


7.30 


5.15 


5.45 


6.50 


6.60 


5.85 


7.30 


6.27 


May 


5.30 


5.80 
6.00 


7.00 
7.50 


6.60 
6.05 


4.75 
5.05 


5.40 
5.30 


6.45 
6.55 


6.35 
6.05 


5.50 
5.80 


7.40 
7.80 


6.06 


June 


5.20 


6.13 


July 


5.25 


5.90 
5.95 


7.80 
7.25 


5.45 
5.30 


5.35 

5.25 


5.60 
5.90 


6.60 
6.15 


5.90 
5.90 


6.55 
6.60 


7.90 
7.60 


6.23 


August 


5.20 


6.11 


September . . . 


5.25 


6.65 


7.55 


5.75 


5.70 


5.40 


6.15 


5.80 


6.90 


8.10 


6.33 


October . . . . 


4.80 


6.10 


7.00 


5.40 


5.35 


5.10 


6.40 


6.05 


6.05 


7.85 


6.01 


November . , . 


4.80 


5.70 


6.35 


4.60 


4.80 


4.80 


6.20 


4.90 


5.90 


8.10 


5.62 


December . . . 


4.75 


6.20 


6.35 


4.50 


4.50 


4.90 


6.25 


4.65 


5.75 


8.45 


5.63 


Yearly aver. 


5.05 


5.89 


6.93 


6.00 


5.14 


5.23 


6.25 


6.04 


5.74 


7.50 


5.97 



CHICAGO HEAVY HOG PRICES— Continued. 



1910, 



1911. 



1912. 



1913, 



1914, 



1915. 


1916. 


6.80 


7.30 


6.70 


8.30 


6.65 


9.60 


7.05 


9.70 


7.40 


9.85 


7.35 


9.75 


6.95 


9.75 



1917, 



19181.1919, 



Ten- 

yr. 

av. 



January . 
February 
March . . 
April . . 
May . . . 
June . . . 
July . . . 
August . . 
September 
October . 
November 
December 



8.70 
9.20 
10.65 
10.00 
9.50 
9.35 
8.60 
8.25 
8.70 
8.45 
7.75 
7.65 



7.85 
7.25 
6.70 
6.15 
5.85 
6.15 
6.65 
7.15 
6.75 
6.50 
6.35 
6.25 



6.30 
6.25 
7.10 

7.85 
7.70 
7.50 
7.60 
8.05 
8.30 
8.65 
7.75 
7.45 



7.40 
8.05 
8.75 
8.80 
8.40 
8.50 
8.95 
8.10 
8.10 
8.15 
7.80 
7.70 



8.35 

8.55 
8.60 
8.50 
8.30 
8.15 
8.60 
8.75 
8.60 
7.55 
7.50 
7.10 



6.70 
7.20 
7.75 
6.85 
6.60 



Yearly aver. I 8.89 



6.64 



7.54 



8.23 



8.22 



11 
12 
14 
15 
16 
15 
15 
10.20 17 



16.40 
16.70 
17.00 
17.40 
17.45 
16.50 
17.70 
18.90 
19.55 
17.55 
17.70 
17.55 



17.60 
17.65 
19.00 
20.30 
20.60 
20.30 
21.65 
19.75 
17.25 
14.25 
14.10 
13.50 



9.77 
10.12 
10.91 
11.16 
11.11 
10.92 
11.17 
11.29 
11.33 
10.60 
10.31 
10.08 



7.00 9.56 15.68 17.53 18.00 10.73 



118 



Agricultural, Prices 
CHICAGO CORN PRICES. 

























Ten- 




1860. 


1861. 


1862. 


1863. 


1864. 


1865. 


1866. 


1867. 


1868. 


1869. 


yr- 

av. 




$ 


$ 


$ 


? 


$ 


$ 


$ 


$ 


$ 


$ 


$ 


January . . . . 


.48 


.29 


.23 


.47 


.82 


.90 


.38 


.70 


.86 


.55 


.568 


February . . . 


.41 


.28 


.23 


.51 


.89 


.88 


.35 


.68 


.82 


.56 


.561 


March 


.42 


.27 


.24 


.50 


.79 


.79 


.37 


.74 


.83 


.54 


.549 


April 


.46 


.30 


.26 


.47 


.92 


.63 


.42 


.93 


.82 


.54 


.575 


May 


.48 


.33 
.23 


.27 
.26 


.48 
.48 


1.04 
1.15 


.54 
.52 


.48 
.51 


.96 

.88 


.88 
.85 


.58 
.62 


.604 


June ....... 


.46 


.596 


July 


.43 


.23 


.28 


.48 


1.30 


.56 


.56 


.80 


.88 


.81 


.633 


August 


.40 


.23 


.33 


.49 


1.26 


.67 


.56 


.90 


.97 


.90 


.671 


September . . . 


.37 


.21 


.29 


.60 


1.30 


.60 


.54 


1.00 


.94 


.84 


.669 


October . . . . 


.38 


.22 .34 


.79 


1.25 


.49 


.66 


1.06 


.87 


.67 


.673 


November . , . 


.32 


.22 .31 


.88 


1.35 


.52 


.87 


.97 


.76 


.73 


.693 


December . . . 


.28 


.24 .37 


.93 


.97 


.43 


.76 


.84 


.64 


.76 


.622 


Yearly aver. 


.407 


.254| .284 


.590 


1.082 


.628 


.540 


.872 


.843 


.675 


.618 



CHICAGO CORN PRICES— Continued. 

























Ten- 




1870. 


1871. 


1872. 


1873. 


1874. 


1875. 


1876. 


1877. 


1878. 


1879. 


yr. 

av. 


January . . . . 


.72 


.47 


.41 


.31 


.55 


.66 


.43 


.44 


.42 


.30 


.471 


February . . . 


.70 


.52 


.40 


.31 


.58 


.64 


.41 


.42 


.40 


.32 


.470 


March . . . . . 


.72 


.54 


.38 


.32 


.60 


.66 


.44 


.40 


.42 


.33 


.481 


April 


.82 


.54 


.40 


.34 


.63 


.71 


.47 


.46 


.40 


.32 


.509 


May 


.87 


.54 


.46 


.39 


.62 


.71 


.47 


.53 


.40 


.34 


.533 


June 


.83 


.53 


.49 


.34 


.60 


.67 


.45 


.46 


.36 


.36 


.509 


July 


- .83 


.51 


.41 


.36 


.62 


.70 


.46 


.48 


.38 


.36 


.511 


August 


.74 


.45 


.41 


.39 


.67 


.69 


.45 


.45 


.39 


.33 


.497 


September , . . 


.64 


.47 


.36 


.40 


.77 


.59 


.45 


.44 


.36 


.35 


.483 


October . . . . 


.60 


.47 


.33 


.38 


.76 


.55 


. 44 


.43 


.34 


.41 


.471 


November . . . 


.61 


.46 


.33 


.38 


.77 


.52 


.44 


.45 


.32 


.42 


.470 


December . . . 


.50 


.41 


.31 


.50 


.78 


.49 


.45 


. 44 


.31 


.41 


.460 


Yearly aver. 


.715 


.492 


.381 


.368 


.662 


.632 


.446 


.450 


.375 


.354 


.487 



CHICAGO CORN PRICES— Continued. 







1 


















Ten- 




1880. 


1881. 


1882. 


1883. 


1884. 


1885. 


1886. 


1887. 


1888. 


1889. 


yr- 

av. 


January . . . . 


. 39 


.37 


.62 


.60 


.54 


.37 


.37 


.36 


.49 


.34 


.445 


February . . , 


.37 


.37 


.58 


.57 


. 54 


.37 


.37 


.35 


.47 


.35 


.434 


March 


.35 


.40 


.64 


.56 


.52 


.39 


.37 


.37 


.49 


.34 


.443 


April 


.34 


.42 


.74 


.53 


.50 


.45 


.37 


.38 


.52 


.34 


.459 


May 


.37 


.43 


.73 


.55 


.55 


.47 


.36 


.38 


.57 


.34 


.475 


June 


.36 


.45 


.72 


.54 


.54 


.47 


.35 


.37 


.51 


.34 


.465 


July 


.36 


.48 


.78 


.50 


.53 


.47 


.40 


.36 


.48 


.36 


.472 


August 


.38 


.57 


.77 


.52 


.53 


.45 


.42 


.40 


.45 


.35 


.484 


September . . . 


.40 


.67 


.67 


.50 


.69 


.43 


.39 


.42 


.43 


.33 


.493 


October . . . . 


.40 


.68 


.65 


.48 


.50 


.42 


.35 


.42 


.43 


.32 


.465 


November . . . 


.42 


.61 


.68 


.52 


.40 


.43 


.35 


.44 


.39 


.46 


.470 


December . . . 


.39 


.61 


.55 


. 59 


.37 


.39 


.37 


.49 


.35 


.32 


.443 


Yearly aver. 


.378 


.505 


.678 


.539 


.518 


.426 


.373 


.395 


.465 


.349 


.463 



Appendix 
CHICAGO CORN PRICES— Continued. 



119 









1 












Ten- 




1890. 


1891. 


1892. 


1893. 


1894. 


1895. 


1896. 


1897. 


1898. 


1899. 


yr. 

av. 




$ 


$ 


$ 


$ 


$ 


$ 


$ 


$ 


$ 


$ 


$ 


January . . . . 


.29 


.49 


.38 


.42 


.35 


.43 


.27 


.23 


.27 


.37 


.350 


February . . . 


.28 


.52 


.40 


.42 


.35 


.41 


. 28 


.23 


.29 


.35 


.353 


March 


.29 


.62 


.39 


.41 


.36 


.44 


.29 


.24 


.29 


.35 


.368 


April 


.31 


.71 


.41 


.41 


.38 


.47 


.30 


.24 


.32 


.35 


.390 


May 


.34 


.62 

.58 


.70 
.51 


.42 
.40 


.38 
.40 


.52 
.50 


.29 

.27 


.24 
.24 


.35 
.32 


.33 

.34 


.419 


June 


.34 


.390 


July 


.40 


.62 


.50 


.39 


.44 


.45 


.26 


.26 


.34 


.33 


.399 


August 


.48 


.63 


.52 


.38 


.53 


.40 


.23 


.30 


.32 


.32 


.411 


September . . . 


.48 


.58 


.46 


.40 


.53 


.34 


.21 


.30 


.30 


.33 


.393 


October . . . . 


.51 


.55 


.42 


.39 


.51 


.30 


.24 


.27 


.31 


.32 


.382 


November . . . 


.51 


.64 


.42 


.37 


.50 


.28 


.24 


.27 


.33 


.32 


.388 


December . . . 


.50 


.49 


.41 


.35 


.46 


.26 


.23 


.26 


.36 


.31 


.363 


Yearly aver. 


.394| .588 


.460 


.397 


.433 


.400 


.259 


.257 


.317 


.335 


.384 



CHICAGO CORN PRICES— Continued. 

























Ten- 




1900. 


1901. 


1902. 


1903. 


1904. 


1905. 


1906. 


1907. 


1908. 


1909. 


yr. 

av. 


January . . . . 


.31 


.37 


.61 


.46 


.45 


.43 


..42 


.42 


.59 


.60 


.466 


February . , . 


.33 


.39 


.59 


.44 


.50 


.44 


.41 


.44 


.58 


.63 


.475 


March 


.36 


.42 


.59 


.44 


.53 


.47 


.42 


.44 


.62 


.66 


.495 


April 


.40 


.45 


.61 


.44 


.51 


.48 


.46 


.48 


.67 


.70 


.520 


May 


.38 


.51 


.62 


.45 


.49 


.56 


.49 


.53 


.75 


.74| .552 


June 


.40 


.43 


.66 


.50 


.49 


.54 


.52 


.53 


.71 


.74 


.552 


July 


.42 


.51 


.72 


.51 


.49 


.56 


.49 


.54 


.74 


.71 


.569 


August 


.39 


.57 


.57 


.52 


.54 


.55 


.51 


.58 


.79 


.68 


.570 


September . . . 


.41 


.57 


.60 


.49 


.53 


.53 


.50 


.62 


.80 


.66 


.571 


October . . . . 


.39 


.56 


.58 


.45 


.54 


.52 


.49 


.61 


.73 


.61 


.548 


November . . . 


.42 


.61 


.55 


.43 


.54 


.49 


.46 


.58 


.64 


.63 


.535 


December . . . 


.38 


.65 


.51 


.42 


.46 


.46 


.48 


.60 


.60 


.64 


.518 


Yearly aver. 


.383 


.504 


.601 


.463 


.506 


.503 


.469 


.531 


.685 


.667 


.531 





CHICAGO CORN PRICES- Continued. 


























1 


Ten- 




1910. 


1911. 


1912. 


1913. 


1914. 


1915. 


1916. 


1917. 


1918| 


1919. 


yr. 

av. 


January . . . . 


.65 


.47 


.67 


.49 


.63 


.73 


.76 


.99 


1.81 


1.40 


.860 


February . . . 


.65 


.47 


.65 


.50 


.62 


.73 


.76 


1.01 


1.75 


1.31 


.845 


March 


.63 


.47 


.70 


.52 


.67 


.73 


.74 


1.12 


1.72 


1.51 


.881 


April 


.59 


.50 


.78 


.56 


.67 


.76 


.77 


1.45 


1.66 


1.63 


.937 


May 


.60 


.54 


.79 


.58 


.70 


.77 


.74 


1.64 


1.62 


1.77 


.975 


June 


.59 


.56 


.74 


.61 


.71 


.74 


.74 


1.71 


1.59 


1.92 


.991 


July 


.63 


.63 


.72 


.64 


.72 


.79 


.81 


2.00 


1.65 


2.19 


1.078 


August 


.63 


.64 


.78 


.73 


.80 


.79 


.85 


1.97 


1.71 


1.95 


1.085 


September . . . 


.55 


.67 


.74 


.75 


.78 


.72 


.87 


2.10 


1.59 


1.53 


1.030 


October . . . . 


.50 


.72 


.64 


.70 


.74 


.63 


1.00 


1.99 


1.38 


1.39 


.969 


November , . . 


.50 


.73 


.54 


.73 


.70 


.65 


1.02 


2.10 


1.37 


1.47 


.981 


December . . . 


.48 


.70 


.51 


.70 


.65 


.72 


.92 


1.73 


1.45 


1.47 


.933 


Yearly aver. 


.584 


.592 


.689 


.626 


.699 


.730 


.832 


1.650 


1.608 


1.628 


.964 



120 



Ageicultukai. Prices 



CHICAGO CORN-HOG RATIOS BY DECADES. 



January . 
February 
March . . 
April . . 
May . . . 
June . . . 
July . . . 
August . . 
September 
October , 
November 
December 



1860- 
1869. 

in 

12.2 
12.6 
11.6 
10.1 
10.2 
10.3 
10.3 
10.4 
10.0 
9.5 
10.5 



1870- 1880- 1890- 1900- 1910- 
1879. 1889. 1899. 1909. 1919, 



11.9 
12.6 
12.3 
11.5 
10.3 
10.1 
10.7 
11.4 
11.8 
11.3 
10.6 
10.9 



11.7 
12.6 
12.4 
11.9 
11.3 
11.3 
11.7 
11.4 
11.1 
11.0 
10.2 
10.9 



12.3 
12.6 
12.3 
11.8 
10.8 
11.2 
11.4 
10.9 
11.6 
11.6 
10.5 
11.2 



11.8 
12.2 
12.2 
12.1 
11.0 
11.1 
11.0 
10.7 
11.1 
11.0 
10.5 
10.9 



11.4 
12.0 
12.4 
11.9 
11.4 
11.0 
10.4 
10.3 
11.1 
11.0 
10.6 
10.5 



Appendix 
CHICAGO OATS PRICES. 



121 

























Ten- 




1860. 


1861. 


1862. 


1863. 


1864. 


1865. 


1866. 


1867. 


1868. 


1869. 


yr. 
av. 




$ 


$ 


$ 


$ 


$ 


$ 


$ 


$ 


$ 


$ 


$ 


January . . . . 


.37 


.17 


.16 


.46 


.65 


.64 


.24 


.43 


.59 


.50 


.421 


February . . . 


.33 


.17 


.17 


.57 


.65 


. 61 


.23 


.42 


.57 


.55 


.427 


March 


.32 


.15 


.18 


.56 


.64 


.53 


.25 


.47 


.58 


.56 


.424 


April 


.31 


.17 


.19 


.59 


.67 


.42 


.28 


.58 


.60 


.56 


.437 


May 


.30 


.18 


.25 


.56 


.68 


.39 


. 32 


.70 


.69 


.62 


.469 


June ...... 


.28 


.14 


.26 


'.58 


.73 


.48 


.32 


.65 


.67 


.62 


.473 


July 


.27 


.15 


.27 


.56 


.78 


.44 


.30 


.62 


.67 


.68 


.474 


August 


.20 


.16 


.32 


.38 


.69 


.42 


.28 


.53 


.56 


.52 


.406 


September . . . 


.20 


.14 


.31 


.47 


.65 


.33 


.33 


.50 


.54 


.47 


.394 


October . . . . 


.18 


.16 


.35 


.60 


.62 


.29 


.39 


.55 


.51 


.42 


.407 


November . . . 


.17 


.16 


.34 


.65 


.64 


.28 


.41 


.55 


.49 


.43 


.412 


December . . . 


.17 


.18 


.39 


.66 


.66 


.26 


.42 


.55 


.49 


.44 


.422 


Yearly aver. 


.259 


.161 


.266 


.554 


.672 


.424 


.314 


.546 


.580 


.531 


.431 



CHICAGO OATS PRICES— Continued. 





1 1 1 














Ten- 




1870.11871. 
] 


1872. 
( 


1873. 


1874. 


1875. 


1876. 


1877. 


1878. 


1879. 


yr. 

av. 


January . . . . 


.42 


.43 


.34 


.27 


.42 


.55 


.31 


.35 


.24 


.20 


3.53 


February . . . 


.41 


.49 


.34 


.28 


.44 


.55 


.31 


.35 


.24 


.21 


.362 


March 


.39 


.52 


.33 


.28 


.45 


.56 


.33 


.33 


.24 


.23 


.366 


April 


.45 


.51 


.33 


.29 


.47 


.60 


.32 


.37 


.24 


.22 


.380 


May 


51 


50 


39 


84 


49 


65 


30 


42 


26 


27 


.413 


June 


.52 


.51 


.41 


.31 


.48 


.60 


.30 


.46 


.24 


.32 


.415 


July 


51 


50 


?.9 


31 


49 


53 


29 


31 


25 


31 


.379 


August 


.42 


.32 


.30 


.29 


.44 


.48 


.31 


.25 


.23 


.24 


.328 


September . . . 


.38 


.32 


.27 


.31 


.46 


.38 


.33 


.24 


.20 


.24 


.313 


October . . . . 


.38 


.33 


.24 


.32 


.50 


.36 


.33 


.23 


.19 


.29 


.317 


November . . . 


.41 


.33 


.23 


.32 


.50 


.33 .32 


.25 


.20 


.32 


.341 


December . . . 


.41 


.34 


.26 


.39 


.55 


.32 .34 


.25 


.20 


.35 


.341 


Yearly aver. 


.434 


.425] .311 


.309 


.474 


.493 .316 


.318 


.228 


.267 


.357 



CHICAGO OATS PRICES— Continued. 





1 
1880. 1881. 


1882. 


1883. 

1 


1884. 


1885. 1886. 


1887. 


1888. 


1889. 


Ten- 

yr. 

av. 


January . . 
February . 
March . . . 
April . , . 
May .... 




.38 
.32 
.30 
.28 
.31 


.31 
.31 
.32 
.35 
.38 
.38 
.41 
.36 
.42 
.45 
.44 
.45 


.44 
.42 
.44 
.49 
.52 
.52 
.57 
.48 
.34 
.34 
.36 
.38 


.37 
.39 
.42 
.41 
.41 
.35 
.32 
.27 
.27 
.28 
.30 
.33 


.33 
.33 
.31 
.30 
.32 
.32 
.30 
.27 
.25 
.27 
.26 
.24 


.27 
.28 
.29 
.32 
.34 
.33 
.27 
.24 
.26 
.25 
.29 
.28 


.32 
.29 
.30 
.27 
.28 
.27 
.30 
.26 
.25 
.24 
.26 
.25 


.26 
.25 
.24 
.25 
.25 
.26 
.26 
.25 
.25 
.26 
.28 
.30 


.30 
.29 
.29 
.30 
.35 
.32 
.31 
.28 
.24 
.24 
.26 
.26 


.25 
.26 
.25 
.23 
.23 
.22 
.22 
.20 
.19 
.19 
.20 
.21 


.323 
.314 
.316 
.320 
.339 


June .... 
July .... 




.29 

.25 


.326 
321 


August . . . 
September . 
October . . 
November . 
December . . 




.25 
.29 
.31 
.31 
.31 


.286 
.276 
.283 
.296 
.301 


Yearly avei 




.300 


.382 


.442 


.3441 .292 


.285 


.274 


.259 


.287 


.221 


.308 



122 



Agricultural Prices 
CHICAGO OATS PRICES— Continued. 



' 


1890. 


1891. 1892. 1893. 


1894. 


1895. 

4 


1896. 


1897. 


1898. 


1899. 


Ten- 

yr- 
av. 


January . . 
February . 
March » . .* 
April . . . 
May . . . . 
June .... 

July 

August . . . 
September . 
October .. . 
November . 
December , 




-1 
..21 

.20 

.21 

.24 

.27 

.2?8 

.31 

.37 

.37 

.41 

.43 

.42 


$ 
■ .44 
.46 
.51 
.•53 
.50 
.40 
.33 
.30 
.28 
.28 
.32 
.32 


$. 

.29 

.30 

.29 

.29 

.31 

.32 

.32 

.33 

.33 

.30 

.31 

.31 


. $ 

. .31 
.31 
.30 
.28 
.31 
.29 
.26 
.24 
.26 

, .27 
.28 
.28 


$ 

.28 
.28 
.30 
.31 
.35 
-.42 
.38 
.31 
.29 
.29 
.29 
■JO 


r 

.29 
.28 
.29 
.29 
.30 
.28 
.24 

•«21 
.19 

..18 

■. .19 

.17 


$ 

.18 
.20 
.19 
.19 
.19 
.17 
.17 
.17 
.16 
» .18 
.19 
.18 


? 

.16 

.16 

.17 

.17 

.18 

.18 

.18 

.18 

.20 

.19 

.21 

.22 


$ 

.23 

.26 

.26 

.28 

.28 

.24 

.23 

.21 

.21 

.23 

;26 

.27 


■? 
.27 
.28 
.26 
.26 
.26 
.25 
.22 
.21 
' .22 
.23 
.23 
.25 


$ 
.266 
.273 
.278 
.284 
.295 
.283 
.264 
.253 
.251 
.256 
.271 
.272 


Yearly ave 


r. 


.310 


.389 


.309 


.283| .317 


.2431 .181| .184| .iJ47| .245 


f .271 



CHICAGO OATS. PRICES— Continued. 



• 


■ 1 ■ 1. ■ 1 


. 1 












Ten- 




1900. 


1901. 


1-902. 


1903. 


1904. 


1905. 


1906. 


1907. 


1908., 


19P9. 


yr. , 
av. 


January . . . . 


. .23 


.24 


- .42 


.33 


.39 


.30 


■ .31 


.35 


' .50 


.50 


.357 


Pebruaisy . . '. 


.23 


. .25 


.43 


.35 


.43 


.31 


.30 


.39 


.51 


.53 

*54' 


.373 


March 


.24 


.26 


.43 


.33 


.40 


.31 


.30 


.41 


.53 


.375 


April . . .... 


.24 


.27 


.43 


.34 


.39 


.31 


.32 


.44 


.53 


. .55 


.382 


May . . .$. '.• . 


.23 


.29 


■ .45 


.36 


.42 


.30 


.33 


.47 


.55 


.59 


.399 


June . • 


.24 


.28 


.44 


.39 


• .41 


.32 


.38 


.45 


.52 


. .56 


.399 


July ...... 


.23 


;3a 


.43 


.39 


.42 


.31 


.35 


.44 


.56 


.49 


.395 


August . . . . . 


.22 


.36 


.28 


.35 


.36 


.27 


.31 


.49- 


.48 


..40 


.352 


September . . . 


.22 


. .35 


.27 


.37 


.32 


.28 


. .32 


.54 


•^ 


.43 


-.359 


October . . . . 


.22 


.36 


.29 


.37 


.30 


.29 


.34 


.50 


.48 


.40 


.355 


November . . . 


.22 


.41 


.29 


.36 .31 


.30 


.34 


.47 


.49 


.39 


.358 


December .. . . 


.22 


. .45 


■. .31 


.36 . .30 


.•31 


¥ 


' .49 


.49 


.43 


.370 


Yearly aver. 


.229 


.321 


.373 


.359 ,.371 


.301 


.329 


.454 


.511 


.484 


.373 





CHICAGO 


.OATg PRICES- Continued. ' 








• 


1 1 M 








. 


.' 


Teil- 




1910.|1911.|1912.il913. 


1914. 


1915. 


1916. 


1917. 


1918| 


1919. 


yr. 

ay. 


January . . . . 


.47 


.32 


.49 


.33 


.38 


.54 


.47 


.56 


.82 


.65 


.503 


February . . . 


.48 


.31 


.52 


.34 


.39 


.57 


.46 


.54 


. 87 


.60 


.508 


March 


.45 


.30 


.53 


.33 


.39 


.57 


.45 


.59 


.91 


.64 


.516 


April "..»... 


.4'3 


.31 


. .57 


.35 


.38 


.56 


.44 


.67 


.86 


.71 


.528 


Maj^ ...... 


.40 


.34 
.40 


;■■ .54 
*.52 


.39 
^^41 


.40 
.39 


.53 

.48 


.44 
.39 


.67 
.66 


.76 
.76 


.71 
.71 


.518. 


June 


.38 


.510 


July . . • 


.42 


.43 


.50 


^40 


.37 


.54 


.40 


.77 


.75 


.76 


.534 


August 


.36 


..41 


.33 


.41 


. .41 


.53 


.44 


.66 


.70 


.76 


.501 


September . . . 


.33 


.44 


|.33 


•.42 .48 


.57 


.46 


- .59 


. .72 


■■■ .70 


.484 


October . . . . 


.31 


.46 


.32 


.39 .47 


.38 


.50 


.59 


.69 


.73 


.484 


November . . . 


.31 


.46 


.31 


.38 .49 


.39 


.54 


.66 


.73 


.76 


.503 


December . . . 


.311 *.47i .32 


.39 .48( .42 


'.50 


.76 


.71 


.84 


.520 


Yearly aver. 


1 .388] .388| .4401 .379] .|19| .49C 


1 .458| .644 


1 774 


.714 


-.509 



Appendix 



V 



123 



• 




CHICAGO 


WHEAT 


PRICES. 














1 


1 
















Ten- 




1860. 


1861. 


1862. 


1863. 


1864. 


1865. 


1866. 


1867. 


1868. 


1869. 


yr. 

av. 


. 


$ 


$ 


$ 


$ 


$ 


$ 


$ 


$ 


$ 


$ 


$ 


January . . . . 


.98 


.76 


.66 


.96 


1.11 


1.40 


.87 


1.95 


1.63 


1.14 


1.146 


February . . . 


.97 


.75 


.72 


1.08 


1.11 


1.25 


.84 


1.90 


2.01 


1.16 


1.179 


March 


1.01 


.77 


.73 


1.08 


1.10 


1.16 


.91 


2.04 


1.95 


1.13 


1.188 


April 


1.04 


.86 


.72 


1.03 


1.19 


1.03 


.96 


1.93 


1.96 


1.07 


1.179 


May 


1.06 


.94 


.71 


.95 


1.22 


1.05 


1.77 


2.14 


2.02 


1.13 


1.299 


June ...... 


1.04 


.63 


.72 


.94 


1.56 


1.06 


1.19 


1.96 


1.92 


1.16 


1.218 


July 


1.00 


.62 
.67 


.79 

.87 


.92 

.86 


2.02 
1.91 


1.03 
1.17 


1.00 
1.41 


1.49 
1.75 


1.47 
1.72 


1.31 
1.38 


1.165 


August 


.83 


1.257 


September . . . 


.85 


.69 


.81 


.94 


1.87 


1.24 


1.78 


1.79 


1.54 


1.23 


1.274 


October . . . . 


.83 


, .71 


.87 


1.05 


1.58 


1.22 


1.89 


1.90 


1.29 


1.02 


1.236 


November . . . 


.77 


.66 


.77 


1.04 


1.76 


1.13 


1.89 


1.76 


1.12 


.89 


1.179 


December . . . 


.74 


.64 


.83 


1.08 


1.52 


.92 


1.85 


1.46 


1.14 


.86 


1.104 


Yearly aver. 


.927 


.725 


.767 


.994|1.495 


1.138 


1.361 


1.839 


1.647 


1.123 


1.202 



CHICAGO WHEAT PRICES— Continued. 







1 
















Ten- 




1870. 


1871. 1872. 


1873. 


1874. 


1875. 


1876. 


1877. 


1878. 


1879. 


yr- 

av. 


January . . . . 


. .79 


1.14 


1.23 


1.23 


1.22 


.89 


.99 


1.28 


1.06 


.83 


1.066 


February . . . 


.81 


1.24 


1.24 


1.23 


1.19 


.85 


1.02 


1.29 


1.05 


.89 


1.081 


March 


.58 


1.24 


1.21 


1.20 


1.19 


.91 


1.01 


1.25 


1.08 


.92 


1.059 


April . . . . . 


.80 


1.29 


1.25 


1.19 


1.24 


1.00 


1.02 


1.43 


1.10 


.89 


1.121 


May .;.... 


.95 


1.27 
1.26 


1.48 
1.45 


1.29 
1.22 


1.23 
1.20 


1.01 
.96 


1.03 
1.05 


1.62 
1.48 


1.10 
.97 


.97 
1.04 


1.195 


June 


1.10 


1.173 


July 


1.12 


1.20 


1.25 


1.18 


1.14 


1.12 


.96 


1.42 


.95 


.99 


1.133 


August ....'. 


1.09 


1.04 


1.37 


1.22 


1.02 


1.21 


.89 


1.14 


.99 


.86 


1.083 


September'. . . 


.99 


1.11 


1.21 


1.10 


.97 


1.13 


1.02 


1.13 


.87 


.94 


1.047 


October . . . . 


1.06 


1.22 


1.13 


1.04 


.89 


1.11 


1.10 


1.10 


.81 


1.12 


1.058 


November . . . 


.81 


1.23 


1.07 


1.01 


.88 


1.08 


1.11 


1.08 


.82 


1.16 


1.025 


December . . . 


1.06 


1.19 


1.14 


1.12 


.90 


.98 


1.19 


1.09 


.83 


1.29 


1.079 


Yearly aver. 


.930 


1.202 


1.252 


1.169 


1.089|1.020|1.032|1.275 


.969 


.992 


1.093 





CHICAGO 


WHEAT PRICES— Continued. 












1 1 


1 










fen- 




1880. 1881. 


1882. 


1883. 


1884. 


1885.1 


1886. 


1887. 


1888. 


1889. 


yr. 
av. 


January . . . . 


1.25 


.98 


1.30 


.99 


.92 


.79 


.81 


.79 


.77 


.96 


.956 


February . . . 


' 1.23 


.98 


1.27 


1.08 


.93 


.77 


.81 


.75 


.77 


1.01 


.960 


March . . . . . 


1.21 


1.01 


1.30 


1.07 


.88 


.77 


.79 


.77 


.76 


1.00 


.956 


April 


1.11 


1.02 


1.35 


1.07 


.85 


.85 


.76 


.80 


. 77 


.91 


.949 


May 


1.15 


1.04 


1.27 


1.11 


.90 


.88 


.76 


.85 


.86 


.86 


.968 


June 


.97 


1.10 
1.14 


1,30 
1.30 


1.06 
1.01 


.87 

.82 


.87 
.88 


.74 
.77 


.81 
.70 


.82 
.82 


.83 
.81 


.937 


July ....... 


.92 


.917 


August . . . . . 


.89 


1.29 


1.09 


1.02 


.80' 


.84 


.76 


.68 


.88 


.78 


.903 


September . . . 


.91 


1.28 


1.01 


.96 


.76 


. .82 


.74 


.69 


1.45 


.79 


.941 


October . . . . 


.98 


1.36 


.95 


.93 


.76 


■ .88 


.72 


.71 


1.11 


.80 


.920 


November ^•. . 


•1.06 


1.28 


.93 


.96 


.73 


.87 


.75 


.74 


1.09 


.80 


.921 


December . ^ . 


1.01 


1.27 


.93 


.97 


.73 


.86 


.77 


. .77 


1.01 


.79 


.911 


Yearly aver. 


1.057J1.145 


1.17511.019 


.829 


.840 


.765 


.755 


.926 


.862 


.936 



124 



Agricultui^al Peices 
CHICAGO WHEAT PRidES— Continued. 







i 


















Ten- 




1890. 


1891. 


1892. 


1893. 


1894. 


1895. 


1896. 


1897. 


1898. 


1899. 


yr. 

av. 




$ 


$ 


$ 


$ 


$ 


$ 


$ 


$ 


$ 


? 


$ 


January . . . . 


.76 


.91 


.87 


.75 


.61 


.55 


.62 


.83 


1.00 


.71 


.761 


February . . . 


.76 


.95 


.88 


.74 


.58 


.54 


.67 


.80 


1.02 


.72 


.766 


March 


.79 


1.01 


.84 


.76 


.58 


.57 


.65 


.80 


1.03 


.70 


.773 


April 


.85 


1.09 


.81 


.79 


. 61 


.62 


.66 


.81 


1.12 


.73 


.809 


May 


.95 


1.03 


.83 


'1^ 


.57 


.73 


.62 


.83 


1.51 


.74 


.853 


June 


.89 


.96 


.83 


.65 


.59 


.77 


.60 


.75 


.98 


.74 


.776 


July 


.90 


.92 


.78 


.60 


.55 


.68 


.58 


.74 


.77 


.72 


-.724 


August 


.99 


1.00 


.77 


.60 


.55 


.65 


.58 


.91 


.70 


.72 


.747 


September . . . 


1.00 


.95 


.73 


.66 


.53 


.60 


.63 


.93 


.65 


.72 


.740 


October . . . . 


1.00 


.96 


.72 


.63 


.54 


.61 


.73 


.94 


.66 


.72 


.751 


November . . . 


.95 


.94 


.71 


.61 


.57 


.59 


.83 


.96 


.67 


.68 


.751 


December . . . 


.90 


.91 


.71 


.62 


.58 


.59 


.84 


1.01 


.66 


.67 


.749 


Yearly aver. 


.895 


.969 


.790 


.678 


.572 


.625 


.668 


.859 


.898 


.714 


.767 



CHICAGO WHEAT PRICES— Continued. 





1900. 


1 
1901. 1902. 


1903. 1904. 


1905. 


1906. 


1907. 


1908. 


1909. 


Ten- 

yr. 

av. 


January , , . 
February . 
March . . . 
April . . . 
May .... 
June .... 
July .... 
August . . . 




.65 
.66 
.66 
.66 
.66 
.77 
.78 
.74 
.76 
.74 
.72 
.72 


.74 
.73 
.75 
.72 
.73 
.71 
.67 
.72 
.70 
.69 
.72 
.76 


.77 
.75 
.78 
.73 
.74 
.74 
.75 
.72 
.83 
.72 
.74 
.75 




70 

77 
73 
75 
78 
80 
80 
84 
84 
82 
81 
82 


.87 

.98 

.96 

.94 

.97 

.99 

1.03 

1.07 

1.14 

1.16 

1.15 

1.17 


1.18 

1.19 

1.15 

1.03 

1.00 

1.07 

1.03 

.96 

.87 

.88 

.88 

.86 


.86 
.83 
.80 

.85 
.88 
.85 
.79 
.74 
.74 
.72 
.73 
.74 


.73 

.80 

.80 

.81 

.93 

.96 

.98 

.93 

1.02 

1.07 

.93 

1.02 


.97 

.95 

.96 

.94 

1.05 

.95 

. 88 

.93 

1.01 

1.03 

1.05 

1.03 


1.06 
1.16 
1.22 
1.32 
1.40 
1.45 
1.23 
1.18 
1.08 
1.12 
1.12 
1.17 


.853 

.882 
.881 
.875 
.914 
.929 
.894 
883 


September . 
October . . 
November . 
December . 




.899 
.895 
.885 
.904 


Yearly ave 


r. 


.710 


.720 


.752 


.789 


1.035 


1.008 


.793 


.915 


.979 


1.209 


.891 



CHICAGO WHEAT PRICES— Continued. 







1 














Ten- 




1910. 


1911. 1912. 


1913. 


1914. 


1915. 


1916. 


1917. 


1918| 


1919. 


yr. 
av. 


January . , . . 


1.19 


1.02 


1.04 


1.02 


.93 


1.41 


1.29 


1.85 


2.18 


2.35 


1.428 


February . . . 


1.19 


.97 


1.05 


1.01 


.94 


1.57 


1.24 


1.76 


2.19 


2.30 


1.422 


March 


1.19 


.93 


1.07 


.98 


.94 


1.51 


1.14 


1.93 


2.19 


2.36 


1.424 


April 


1.14 


.94 


1.11 


1.00 


.94 


1.58 


1.21 


2.00 


2.19 


2.63 


1.474 


May 


1.09 


.97 
.95 


1.17 
1.13 


1.00 
1.00 


.96 

.89 


1.50 
1.30 


1.15 
1.08 


3.02 
2.67 


2.19 
2.19 


2.73 
2.39 


1.580 


June 


1.06 


1.466 


July 


1.14 


.92 


1.07 


.90 


.89 


1.31 


1.18 


2.55 


2.28 


2.26 


1.450 


August 


1.12 


1.01 


1.01 


.89 


1.01 


1.15 


1.43 


2.56 


2.29 


2.25 


1.472 


September . . . 


1.07 


1.01 


.99 


.92 


1.16 


1.08 


1.56 


2.24 


2.26 


2.54 


1.483 


October . . . . 


1.03 


1.06 


1.01 


.89 


1.10 


1.10 


1.80 


2.19 


2.26 


2.55 


1.499 


November . . . 


.99 


1.01 


.96 


.91 


1.15 


1.09 


1.83 


2.19 


2.26 


2.73 


1.512 


December . , . 


1.00 


1.01 


.98 


.92 


1.22 


1.17 


1.66 


2.19 


2.32 


2.92 


1.539 


Yearly aver. 


1.100 


.984 


1.059 


.954 


1.010 


1.314 


1.381 


2.262 


2.240 


2.500 


1.480 



Appendix 



125 



PRICES DURING 1862-1878. 

Prices during the 1862-1878 period are generally given in curi'ency, and 
the currency of that period, unfortunately, had a fluctuating gold value, 
just as the British pound has today. In order that our readers may be 
able to convert the currency prices of 1862-1878 into terms of gold, we are 
publishing the following table: 

AMOUNT OF GREENBACK CURRENCY NECESSARY TO BUY ONE 

DOLLAR IN GOLD IN UNITED STATES, FROM 1862-1878, 

INCLUSIVE. 



1862. 



1863.1864.1865.11866. 



1867. 



1868, 



1869. 



1870. 



January . , 
February 
March . . , 
April . . , 
May . . . . 
June . . . 
July . . . 
August . . 
September 
October . 
November , 
December . 



$1.02 
1.03 
1.02 
1.02 
1.02 
1.07 
1.14 
1.15 
1.20 
1.28 
1.31 
1.32 



$1.48 
1.63 
1.56 
1.52 
1.50 
1.45 
1.34 
1.26 
1.35 
1.49 
1.49 
1.51 



$1.56 
1.59 
1.64 
1.76 
1.79 
2.22 
2.54 
2.47 
2.23 
2.09 
2.35 
2.28 



$2.16 
2.02 
1.75 
1.49 
1.37 
1.42 
1.43 
1.42 
1.45 
1.47 
1.48 
1.47 



$1.37 
1.39 
1.31 
1.27 
1.34 
1.53 
1.52 
1.50 
1.45 
1.50 
1.45 
1.37 



$1.35 
1.38 
1.37 
1.38 
1.37 
1.38 
1.40 
1.41 
1.43 
1.43 
1.41 
1.36 



$1.38 
1.42 
1.40 
1.39 
1.40 
1.40 
1.43 
1.47 
1.43 
1.38 
1.35 
1.36 



$1.21 
1.18 
1.13 
1.14 
1.15 
1.18 
1.17 
1.18 
1.15 
1.13 
1.12 
1.11 



GREENBACK CURRENCY— Continued. 



1871. 



1872. 



1873. 



1874. 



1875. 



1876. 



1877. 



1878. 



January . 
February 
March . . 
April . . 
May . . , 
June . . . 
July . . , 
August . . 
September 
October . 
November 
December . 



1.11 
1.12 
1.11 
1.11 
1.12 
1.13 
1.13 
1.12 
1.14 
1.14 
1.11 
1.10 



1.10 
1.11 
1.11 
1.12 
1.13 
1.14 
1.14 
1.14 
1.14 
1.14 
1.13 
1.13 



L13 
1.14 
1.17 
1.18 
1.18 
1.17 
1.16 
1.15 
1.14 
1.10 
1.09 
1.11 



1.11 
1.12 
1.13 
1.13 
1.13 
1.12 
1.10 
1.10 
1.10 
1.10 
1.11 
1.12 



1.13 
1.14 
1.16 
1.15 
1.16 
1.17 
1.14 
1.14 
1.15 
1.16 
1.15 
1.14 



1.13 
1.14 
1.15 
1.13 
1.13 
1.13 
1.12 
1.11 
1.10 
1.11 
1.09 
1.08 



1.06 
1.06 
1.05 
1.07 
1.07 
1.07 
1.06 
1.05 
1.04 
1.03 
1.03 
1.03 



1.02 
1.02 
1.02 
1.01 
1.01 
1.01 
1.01 
1.00 
1.00 
1.00 
1.00 
1.00 



CHICAGO TEN-YEAR AVERAGE DAILY PRICES, 1904-1913. 

Compiling the tables on pages 126-133 involved considerable work, but 
it is believed that for studying seasonal trends and normal relationships 
at different times of the year, these figures are very valuable. As a mat- 
ter of interest, a few future contract prices are averaged. It will be noted 
that the future prices differ considerably from the cash prices until the 
date of the delivery month draws near, when the future and the cash 
prices become almost identical. Before the war, the future contract sys- 
tem worked very well, but during the war it was rather unsatisfactory. 
There is an interesting field of study in the seasonal trend of northern 
wheat (spring) as compared with red wheat (winter). 



126 



Agmculturai. Prices 



CHICAGO TEN-YEAR AVERAGE DAILY PRICES, 1904-1913. 
JANUARY. 



Q 


o 

q3 


o 

^3 


ft 

o 

bD 
O 


03 

o 

a 
S 

o 






CD 

m 

O 






m 
+-> 

o3 

o 
^3 


6 ^ 

03 ■ — • 


^7 


3 

4 


51.2 
51.2 




$6.32 
6.34 


$5.81 
5.85 


$8.94 
8.97 




$8.26 
8.31 




38.7 
38.9 




99.0 
99.4 


99.0 
99.2 


5 


51.3 




6.37 


5.84 


8.97 




8.32 




38.9 




100.0 


99.1 


6 


51.4 




6.37 


5.85 


9.01 




8.35 




39.0 




100.2 


99.9 


7 


51.6 




6.42 


5.90 


8.99 




8.35 




39.1 




100.2 


99.3 


8 


51.6 




6.41 


5.90 


8.96 




8.33 




39.0 




100.1 


99.2 


9 


51.5 




6.40 


5.90 


8.94 




8.34 




39.1 




100.2 


99.4 


10 


51.9 




6.34 


5.87 


8.93 




8.33 




39.0 




100.4 


99.2 


11 


52.0 




6.28 


5.81 


8.94 




8.35 


i 39.4 




100.2 


99.3 


12 


52.2 




6.31 


5.81 


8.95 




8.38 




39.3 




100.2 


99.4 


13 


52.3 




6.34 


5.84 


8.97 




8.38 




39.4 




100.0 


99.2 


14 


52.3 




6.37 


5.85 


9.00 


8.40 




39.5 




100.3 


99.5 


15 


52.2 




6.40 


5.87 


8.97 


8.43 




39.5 




99.9 


99.3 


16 


52.2 




6.39 


5.88 


8.97 


8.42 




39.7 




100.0 


99.3 


17 


52.4 




6.39 


5.88 


9.00 


8.44 




39.8 




100.1 


99.3 


18 


52.1 




6.40 


5.89 


8.96 


8.45 




39.7 




100.3 


99.3 


19 


52.3 




6.41 


5.89 


8.96 


8.45 




39.7 




100.1 


99.1 


20 


51.9 




6.38 


5.87 


8.97 


8.46 




39.8 




100.1 


99.3 


21 


52.0 




6.39 


5.88 


8.97 


8.46 




40.0 




100.3 


99.5 


22 


52.0 




6.38 


5.88 


8.92 


8.43 




40.0 




100.1 


99.1 


23 


51.9 




6.36 


5.87 


8.91 


8.43 




39.8 




100.1 


99.6 


24 


51.9 




6.38 


5.90 


8.94 


8.46 




39.9 




100.1 


99.6 


25 


51.9 




6.41 


5.92 


8.93 


8.48 


39.9 




100.0 


99.3 


26 


51.9 




6.40 


5.91 


8.95 


8.48 


39.9 




99.9 


99.2 


27 


51.8 




6.42 


5.92 


8.96 


8.50 


39.9 




100.0 


99.2 


28 


51.9 




6.41 


5.91 


8.95 


8.47 


39.7 




100.2 


99.5 


29 


51.9 




6.41 


5.90 


8.95 8.48 


40.0 




iOO.4 


99.7 


30 


51.9 




6.44 


5.91 


8.97 8.50 


40.1 




100.4 


99.7 


31 


51.8 




6.48 


5.94 


8.90 8.50 


40.0 




100.1 


99.5 


Av. 


51.9 




6.38 


5.88 


8.96 8.40 


39.5 


100.1 


99.3 



FEBRUARY. 



1 


51.6 


1 6.49 


5.95 


8.89 


8.491 


39.9 




100.0 


100.2 


2 


52.0 


1 6.48 


5.95 


8.95 


8.54 




40.1 




100.2 


100.4 


3 


52.4 


1 6.47 


5.97 


8.96 


8.54 




40.2 




100.3 


100.4 


4 


52.8 




6.49 


5.99 


8.97 


8.54 




40.4 




100.6 


100.6 


5 


52.9 




6.52 


6.00 


8.95 


8.53 




40.4 




100.6 


100.9 


6 


52.7 




6.53 


6.03 


8.96 


8.52 




40.6 




100.7 


101.0 


7 


52.6 




6.53 


6.02 


8.95 


8.52 




40.7 




101.0 


101.1 


8 


52.5 




6.56 


6.08 


8.92 


8.51 




40.7 




100.9 


101.0 


9 


52.6 




6.56 


6.07 


9.02 


8.56 




40.8 




101.0 


101.2 


10 


52.5 




6.60 


6.12 


8.98 


8.54 




40.9 




101.0 


101.3 


11 


52.4 




6.63 


6.16 


8.98 


8.55 




40.8 




101.0 


101.3 


12 


52.4 




6.61 


6.13 


8.96 


8.53 




40.8 




100.9 


101.1 


13 


52.4 




6.62 


6.13 


8.94 


8.52 




40.8 




100.7 


101.0 


14 


52.5 




6.61 


6.13 


8.96 


8.53 




40.9 




100.5 


101.0 


15 


52.7 




6.62 


6.15 


8.96 


8.52 




40.9 




100.9 


101.3 


16 


52.7 




6.64 


6.17 


8.94 


8.51 


40.8 




101.0 


101.4 



Appendix 127 

CHICAGO TEN- YEAR AVERAGE DAILY PRICES, 1904-1913— Continued. 
FEBRUARY— Continued. 

























CO 


■^ m 




pl 






o 
t/2 


t3 


TJ 


CO 




m 


m 


o ^ 


6Z 




u 


u 


ft 


W) 


cd 




.Q 


^ 


■1^ 


03 


2 M 


z-^ 




a 


o 


o 


•S 


J 


J 


P4 


•f-H 

p:5 


O 


o 


%3 


% f-t 


P 


1^ 
o3 




o 


o 


m 

O 


ft 

CO 




1-3 








.S6 


17 


52.7 




$6.65 


$6.18 


$8.96 




$8.53 




40.7 




100.7 


101.1 


18 


52.8 




6.67 


6.18 


8.95 




8.53 




40.7 




100.3 


100.8 


19 


52.7 




6.67 


6.19 


8.96 




8.55 




41.1 




100.5 


101.0 


20 


52.7 




6.68 


6.21 


8.95 




8.54 




41.1 




101.3 


101.6 


21 


52.8 




6.69 


6.21 


8.96 




8.56 




41.1 




101.3 


101.8 


22 


52.7 




6.71 


6.23 


8.98 




8.56 




41.1 




101.4 


101.8 


23 


52.9 




6.74 


6.25 


8.99 




8.56 




41.1 




101.4 


101.3 


24 


53.0 




6.73 


6.26 


8.98 




8.56 




41.2 




101.6 


101.7 


25 


53.1 




6.75 


6.27 


9.00 




8.58 




41.3 




101.3 


102.0 


26 


53.1 




6.76 


6.29 


9.00 




8.58 




41.5 




101.4 


102.1 


27 


53.4 




6.72 


6.28 


9.03 




8.62 




41.7 




101.5 


102.0 


28 


53.3 




6.80 


6.33 


9.04 




8.64 




41.6 




101.4 


102.0 


Av. 


52.7 




6.63 


6.14 


8.96 




8.52 




40.9 


100.9 


101.2 



MARCH. 



1 


53.2 


1 6.79 


6.32 


9.04 


9.36 


8.50 




41.2 




101.3 


101.2 


2 


53.4 




6.79 


6.33 


9.07 


9.37 


8.60 




41.6 




101.1 


101.3 


3 


53.2 




6.80 


6.34 


9.07 


9.39 


8.60 




41.3 




101.0 


101.0 


4 


53.4 




6.80 


6.34 


9.08 


9.39 


8.61 




41.0 




100.7 


100.8 


5 


53.6 




6.80 


6.35 


9.13 


9.41 


8.64 




41.1 




100.1 


100.4 


6 


53.6 




6.87 


6.39 


9.17 


9.45 


8.66 




41.2 




99.9 


100.3 


7 


53.5 




6.90 


6.43 


9.13 


9.45 


8.68 




41.0 




99.6 


99.7 


8 


53.8 




6.89 


6.40 


9.15 


9.42 


8.69 




41.2 




99.3 


99.2 


9 


53.8 




6.96 


6.45 


9.20 


9.47 


8.72 




41.1 




99.0 


99.0 


10 


54.1 




6.98 


6.45 


9.15 


9.44 


8.69 




41.1 




99.3 


99.6 


11 


54.1 




6.97 


6.48 


9.14 


9.43 


8.71 




40.9 




99.2 


99.7 


12 


54.3 




7.01 


6.52 


9.16 


9.44 


8.72 




40.9 




99.5 


99.9 


13 


54.5 




7.03 


6.52 


9.17 


9.45 


8.75 




40.9 




99.4 


99.8 


14 


54.5 




7.00 


6.52 


9.18 


9.47 


8.77 




41.1 




99.9 


100.1 


15 


54.5 




7.01 


6.52 


9.16 


9.44 


8.76 




40.8 




99.9 


99.8 


16 


54.2 




7.02 


6.53 


9.19 


9.41 


8.76 




40.7 




99.7 


99.6 


17 


54.4 




7.05 


6.54 


9.18 


9.42 


8.77 




40.5 




99.6 


99.7 


18 


54.1 




7.05 


6.55 


9.18 


9.42 


8.77 




40.5 




99.6 


99.6 


19 


54.5 




7.06 


6.57 


9.17 


9.42 


8.78 




40.9 




99.8 


99.7 


20 


54.4 




7.06 


6.54 


9.17 


9.40 


8.78 




41.0 




99.7 


99.7 


21 


54.2 




7.10 


6.61 


9.18 


9.39 


8.81 




40.9 




99.5 


99.5 


22 


54.6 




7.10 


6.62 


9.20 


9.40 


8.84 




40.9 




99.4 


99.6 


23 


54.8 


7.11 


6.63 


9.22 


9.41 


8.84 




40.8 




99.4 


99.7 


24 


55.0 




7.11 


6.64 


9.23 


9.40 


8.81 




40.8 




99.8 


99.8 


25 


55.2 




7.14 


6.66 


9.21 


9.41 


8.82 




40.7 




99.9 


100.0 


26 


55.2 




7.19 


6.70 


9.26 


9.44 


8.85 




40.8 




100.1 


101.4 


27 


55.3 




7.26 


6.76 


9.32 


9.49 


8.94 




40.9 




100.2 


101.4 


28 


55.3 




7.29 


6.79 


9.32 


9.51 


8.95 




40.9 




100.3 


101.4 


29 


55.5 




7.31 


6.81 


9.28 


9.49 


8.92 




40.9 




100.0 


101.0 


30 


55.7 




7.28 


6.77 


9.28 


9.44 


8.88 




41.1 




99.9 


101.0 


31 


55.9 




7.29 


6.77 


9.28 


9.47 


8.91 




41.1 




100.5 


100.7 


Av. 


54.5 




6.99 


6.55 


9.18 


9.43 


8.76 




41.0 


99.9 


100.2 



128 



Agricultural Prices 



CHICAGO TEN- YEAR AVERAGE DAILY PRICES, 1904-1913— Continued. 

APRIL. 





o 
q3 


o 

O CO 


ft 
o 

O 

K 


t/2 

o 
B 


m 


fi 
d 

-1-5 

P. 

CD 

m 


m 

O 




Cash Oats 
(cts.) 


m 

O 

<D o 


6 ^ 


1-1 73 


1 
2 


55.6 
56.0 




$7.33 
7.33 


$6.80 
6.82 


$9.28 
9.25 


$9.47 
9.46 


$8.91 
8.91 




41.3 
4L3 




100.7 
100.5 


101.3 
100.1 


3 


56.1 




7.31 


6.79 


9.23 


9.44 


8.90 




41.3 




100.6 


100.1 


4 


56.2 




7.32 


6.82 


9.22 


9.41 


8.88 




41.2 




100.8 


100.1 


5 


56.4 




7.30 


6.80 


9.19 


9.39 


8.86 




41.2 




100.9 


100.2 


6 


56.3 




7.30 


6.79 


9.13 


9.36 


8.82 




41.2 




101.3 


100.5 


7 


56.6 




7.28 


6.79 


9.16 


9.35 


8.80 




41.2 




101.4 


100.8 


8 


56.4 




7.26 


6.77 


9.14 


9.34 


8.80 




41.3 




101.5 


100.5 


9 


56.7 




7.27 


6.75 


9.19 


9.35 


8.79 




4L4 




101.7 


100.9 


10 


56.9 




7.25 


6.75 


9.18 


9.36 


8.81 




41.6 




101.7 


100.9 


11 


57.2 




7.26 


6.76 


9.16 


9.35 


8.78 




41.7 




101.9 


100.9 


12 


57.4 




7.25 


6.74 


9.17 


9.36 


8.77 




41.8 




102.1 


101.2 


13 


57.6 




7.24 


6.75 


9.17 


9.38 


8.79 




42.1 




102.6 


101.2 


14 


57.5 




7.22 


6.73 


9.16 


9.38 


8.79 




41.9 




102.6 


10L3 


15 


57.4 




7.18 


6.68 


9.15 


9.36 


8.76 




41.9 




102.6 


10L6 


16 


57.2 




7.15 


6.64 


9.10 


9.32 


8.71 




41.7 




102.4 


100.9 


17 


57.4 




7.15 


6.63 


9.09 


9.33 


8.77 




41.7 




102.6 


lOLO 


18 


57.4 




7.15 


6.64 


9.08 


9.32 


8.76 




41.9 




102.6 


101.4 


19 


57.3 




7.07 


6.56 


9.06 


9.31 


8.76 




42.0 




102.9 


101.5 


20 


57.4 




7.06 


6.55 


9.07 


9.31 


8.74 




42.0 




102.4 


101.1 


21 


57.6 




7.04 


6.53 


9.09 


9.31 


8.78 




42.0 




102.2 


101.0 


22 


57.7 




7.03 


6.55 


9.09 


9.32 


8.81 




41.8 




102.3 


100.4 


23 


57.5 




7.00 


6.52 


9.09 


9.31 


8.81 




41.8 




102.2 


99.9 


24 


57.5 




7.00 


6.52 


9.09 


9.31 


8.78 




41.6 




101.8 


99.5 


25 


57.8 




6.99 


6.51 


9.13 


9.33 


8.79 




41.9 




102.0 


100.0 


26 


57.6 




7.00 


6.51 


9.15 


9.36 


8.79 




42.0 




101.4 


99.6 


27 


57.9 




6.96 


6.48 


9.18 


9.35 


8.80 




42.0 




101.3 


99.1 


28 


58.1 




6.97 


6.46 


9.16 


9.37 


8.77 




42.2 




101.2 


99.3 


29 


58.3 




6.93 


6.43 


9.17 


9.38 


8.78 




42.1 




101.3 


99.4 


30 


58.1 




6.92 


6.40 


9.17 


9.37 


8.78 




42.2 




102.0 


100.7 


Av. 


57.1 




7.15 


6.65 


9.14 


9.36 


8.80 




41.7 




101.8 


100.5 



MAY. 



1 


58.5 


52.3 


6.88 


6.36 


9.18 


9.36 


8.82 


8.96 


42.5 


35.5 


102.6 


100.5 


2 


58.9 


52.3 


6.86 


6.33 


9.18 


9.36 


8.83 


8.97 


42.6 


35.6 


103.1 


101.2 


3 


58.9 


52.2 


6.85 


6.33 


9.19 


9.36 


8.84 


8.98 


42.2 


35.4 


103.8 


100.8 


4 


58.9 


52.0 


6.86 


6.34 


9.25 


9.39 


8.88 


8.99 


42.5 


35.3 


104.2 


10L6 


5 


59.2 


52.2 


6.89 


6.38 


9.27 


9.41 


8.90 


9.03 


42.8 


35.5 


104.6 


102.0 


6 


59.3 


52.2 


6.91 


6.40 


9.23 


9.39 


8.91 


9.01 


42.9 


35.4 


104.8 


102.0 


7 


59.6 


52.2 


6.87 


6.36 


9.25 


9.39 


8.89 


9.00 


43.0 


35.5 


104.7 


102.2 


8 


59.6 


52.1 


6.88 


6.38 


9.26 


9.40 


8.93 


9.04 


43.0 


35.5 


104.8 


102.5 


9 


59.6 


52.3 


6.89 


6.40 


9.27 


9.41 


8.98 


9.07 


43.1 


35.6 


105.0 


102.8 


10 


59.8 


52.3 


6.91 


6.40 


9.26 


9.40 


8.97 


9.06 


43.3 


35.6 


105.4 


102.7 


11 


60.2 


52.5 


6.95 


6.44 


9.29 


9.41 


8.97 


9.08 


43.6 


35.9 


105.4 


102.9 


12 


60.2 


52.6 


6.94 


6.44 


9.31 


9.41 


8.99 


9.08 


43.7 


36.1 


106.0 


103.1 


13 


60.3 


52.7 


6.94 


6.45 


9.32 


9.42 


9.02 


9.09 


43.5 


36.0 


106.6 


103.7 


14 


60.4 


52.5 


6.96 


6.44 


9.33 


9.45 


9.04 


9.11 


43.5 


35.9 


106.7 


103.6 


15 


60.5 


52.5 


6.93 


6.41 


9.33 


9.45 


9.03 


9.10 


43.4 


35.8 


106.6 


103.7 


16 


60.4 


52.5 


6.92 


6.39 


9.31 


9.45 


9.04 


9.09 


43.3 


35.8 


106.5 


103.6 



Appendix 



129 



CHICAGO TEN- YEAR AVERAGE DAILY PRICES, 1904-1913— Continued. 

MAY— Continued. 











w 


























^ 














KI 


^ m 




g 


s 


P< 


o 
be 




V 

3 


m 


m 


CO 

03 


m 


o ^^ 


|S 




o 


o 


■ o 


B 


J 


J 


Pi 


^ 


o 


O 


"^ " 




>. 


M^ 


O TO 


W) 






o 


m 


>i 


"^ ^ 


ftH 




^fl 


Q 




S3 


K 




c3 


a; 
W. 




1-3 




^3 


1^0:5 


^^ 


17 


60.9 


52.6 


?6.95 


$6.43 


$9.36 


$9.47 


$9.09 


$9.13 


43.5 


35.9 


106.4 


104.0 


18 


60.8 


52.4 


6.93 


6.42 


9.31 


9.46 


9.06 


9.12 


43.5 


36.1 


106.8 


104.4 


19 


61.0 


52.6 


6.89 


6.37 


9.28 


9.43 


9.06 


9.11 


43.6 


36.2 


106.9 


104.6 


20 


60.7 


52.6 


6.89 


6.39 


9.26 


9.42 


9.05 


9.10 


43.4 


36.2 


107.2 


105.0 


21 


61.1 


52.7 


6.91 


6.38 


9.26 


9.42 


9.07 


9.10 


43.7 


36.3 


107.7 


105.2 


22 


61.3 


52.8 


6.91 


6.37 


9.27 


9.42 


9.05 


9.10 


43.9 


36.5 


108.8 


106.0 


23 


61.2 


52.7 


6.88 


6.34 


9.27 


9.40 


9.05 


9.09 


44.0 


36.5 


108.3 


105.4 


24 


61.4 


52.7 


6.86 


6.31 


9.24 


9.40 


9.08 


9.10 


44.0 


36.4 


108.7 


105.6 


25 


61.4 


52.8 


6.83 


6.29 


9.26 


9.40 


9.12 


9.11 


44.2 


36.6 


109.2 


106.0 


26 


61.9 


52.9 


6.82 


6.29 


9.30 


9.44 


9.13 


9.15 


44.4 


36.7 


109.3 


106.1 


27 


61.2 


52.9 


6.84 


6.31 


9.31 


9.44 


9.14 


9.18 


44.3 


36.7 


108.7 


105.7 


28 


60.3 


52.6 


6.84 


6.31 


9.30 


9.45 


9.16 


9.20 


44.3 


36.4 


107.9 


105.5 


29 


60.4 


52.6 


6.82 


6.29 


9.31 


9.47 


9.19 


9.22 


43.3 


36.3 


107.8 


105.4 


30 


60.4 


52.7 


6.84 


6.30 


9.32 


9.48 


9.20 


9.24 


43.1 


36.4 


106.8 


104.9 


31 


60.5 


52.7 


6.86 


6.31 


9.33 


9.49 


9.22 


9.24 


43.1 


36.4 


106.4 


104.2 


Av. 


60.3 


52.5 


6.89 


6.36 


9.27 


9.42 


9.02 


9.09 


43.4 


36.0 


106.4 


103.8 



JUNE. 



1 


60.1 


53.2 


6.86 


6.34 


9.28 


9.47 


9.19 


9.22 


43.2 


36.5 


105.8 


105.0 


2 


60.4 


53.5 


6.85 


6.32 


9.27 


9.43 


9.18 


9.20 


43.1 


36.7 


105.5 


105.4 


3 


60.5 


53.5 


6.84 


6.30 


9.26 


9.42 


9.20 


9.21 


43.1 


36.6 


105.3 


105.4 


4 


60.3 


53.6 


6.83 


6.30 


9.27 


9.44 


9.18 


9.21 


43.3 


36.8 


105.2 


104.8 


5 


60.1 


53.5 


6.81 


6.26 


9.29 


9.45 


9.19 


9.23 


43.3 


36.6 


105.1 


104.8 


6 


59.9 


53.6 


6.84 


6.30 


9.35 


9.50 


9.29 


9.31 


43.3 


36.5 


105.0 


105.1 


7 


60.1 


53.8 


6.88 


6.33 


9.35 


9.55 


9.30 


9.36 


43.0 


36.5 


105.1 


105.5 


8 


60.0 


53.9 


6.92 


6.37 


9.36 


9.56 


9.32 


9.38 


43.2 


36.6 


104.5 


105.9 


9 


60.3 


54.0 


6.93 


6.38 


9.40 


9.57 


1 9.35 


9.42 


43.4 


36.6 


104.8 


105.5 


10 


60.1 


54.1 


6.94 


6.39 


9.39 


9.58 


9.39 


9.44 


43.0 


36.7 


104.6 


105.4 


11 


59.9 


54.1 


6.95 


6.40 


9.41 


9.58 


1 9.43 


9.45 


42.9 


36.4 


104.2 


104.8 


12 


60.1 


54.2 


6.96 


6.41 


9.40 


9.58 


9.43 


9.47 


43.0 


36.6 


103.9 


104.6 


13 


60.1 


54.3 


6.95 


6.40 


9.40 


9.58 


9.46 


9.47 


43.0 


36.7 


103.3 


104.4 


14 


60.0 


54.2 


6.95 


6.41 


9.40 


9.59 


9.44 


9.47 


42.9 


36.7 


102.6 


104.1 


15 


60.0 


54.3 


6.95 


6.40 


9.38 


9.59 


9.44 


9.48 


43.5 


36.9 


102.6 


103.9 


16 


60.1 


54.7 


6.99 


6.44 


9.41 


9.61 


9.46 


9.52 


43.6 


37.3 


103.1 


104.5 


17 


60.2 


54.8 


6.95 


6.43 


9.43 


9.60 


9.48 


9.52 


43.5 


37.3 


102.2 


104.4 


18 


60.2 


54.8 


6.97 


6.45 


9.47 


9.64 


9.51 


9.57 


43.5 


37.5 


102.4 


104.0 


19 


60.3 


54.8 


7.03 


0.49 


9.46 


9.66 


9.53 


9.60 


43.8 


37.6 


102.1 


104.7 


20 


60.4 


54.8 


7.08 


6.52 


9.47 


9.67 


9.54 


9.58 


44.0 


37.8 


100.8 


105.2 


21 


60.6 


55.1 


7.09 


6.54 


9.48 


9.66 


9.53 


9.57 


44.3 


38.2 


100.0 


105.6 


22 


60.5 


55.1 


7.07 


6.51 


9.44 


9.63 


9.51 


9.55 


44.1 


38.4 


99.5 


105.7 


23 


60.2 


54.9 


7.06 


6.49 


9.46 


9.62 


9.53 


9.52 


43.8 


37.9 


99.5 


105.9 


24 


59.7 


54.7 


7.08 


6.50 


9.46 


9.65 


9.56 


9.56 


43.2 


38.1 


99.2 


105.5 


25 


59.8 


54.7 


7.08 


6.49 


9.48 


9.66 


9.58 


9.57 


43.4 


38.0 


99.0 


106.2 


26 


60.0 


54.8 


7.09 


6.51 


9.48 


9.65 


9.58 


9.57 


43.5 


38.1 


98.7 


106.5 


27 


60.6 


55.3 


7.09 


6.54 


9.50 


9.67 


9.60 


9.58 


43.8 


38.4 


99.6 


106.7 


28 


60.7 


55.4 


7.10 


6.53 


9.48 


9.64 


9.59 


9.56 


43.5 


38.6 


99.9 


106.5 


29 


60.7 


55.4 


7.11 


6.54 


9.51 


9.66 


9.59 


9.58 


43.3 


38.5 


99.3 


107.0 


30 


60.6 


55.6 


7.15 


6.55 


9.52 


9.68 


9.60 


9.59 


42.9 


38.6 


98.6 


106.5 


Av. 


60.2] 


54.41 


6.98| 


6.43 


9.41 


9.58 


9.43 


9.46 


43.4 


■ 37.3 


102.4| 105.2 



180 



■Agricultural, Prices 



CHICAGO TEN-YEAR AVERAGE DAILY PRICES, 1904-1913— Continued. 

JULY. 



Q 


o 

li 


o 


ft 
o 

bo 
O 


o 
m 

faX) 

a 
o 


t3 
m 


m 


in 

m 
O 


xn 
S 

9 


m 

o ^ 

Is 


m 

o 






1 


60.9 


55.6 


$7.17 


$6.58 


$9.55 


$9.70 


$9.62 




43.0 


38.6 


99.3 


105.7 


2 


61.1 


55.9 


7.16 


6.55 


9.56 


9.71 


9.63 




42.7 


38.6 


98.5 


105.6 


3 


61.1 


55.8 


7.18 


6.55 


9.56 


9.73 


9.65 




42.8 


38.6 


98.1 


105.9 


4 


61.0 


55.8 


7.20 


6.57 


9.57 


9.73 


9.64 




42.7 


38.6 


97.6 


105.7 


5 


61.1 


55.9 


7.22 


6.59 


9.57 


9.73 


9.62 




42.7 


38.7 


97.2 


105.6 


6 


61.0 


55.7 


7.25 


6.62 


9.53 


9.69 


9.60 




42.3 


38.7 


96.6 


105.7 


7 


61.4 


55.8 


7.25 


6.59 


9.54 


9.65 


9.58 




42.7 


38.6 


97.1 


105.8 


8 


61.5 


55.7 


7.23 


6.52 


9.50 


9.62 


9.59 




42.8 


38.5 


96.5 


105.8 


9 


61.9 


55.7 


7.23 


6.53 


9.51 


9.64 


9.61 




43.0 


38.4 


96.8 


105.8 


10 


62.0 


55.4 


7.18 


6.51 


9.54 


9.65 


9.62 




43.1 


38.3 


96.9 


106.2 


11 


62.1 


55.5 


7.23 


6.51 


9.54 


9.65 


9.64 




43.2 


38.4 


96.7 


105.9 


12 


62.3 


55.1 


7.23 


6.48 


9.53 


9.64 


9.59 




43.5 


38.3 


97.5 


106.2 


13 


62.3 


55.3 


7.25 


6.50 


9.52 


9.63 


9.59 




43.6 


38.5 


97.5 


106.7 


14 


62.5 


55.1 


7.26 


6.51 


9.49 


9.61 


9.55 




43.6 


38.4 


97.5 


107.7 


15 


62.4 


55.0 


7.26 


6.52 


9.47 


9.59 


9.56 




43.4 


38.2 


96.9 


107.9 


16 


62.4 


54.8 


7.29 


6.54 


9.46 


9.57 


9.54 




43.2 


37.9 


96.2 


108.0 


17 


62.5 


54.8 


7.30 


6.56 


9.44 


9.57 


9.53 




43.0 


37.8 


95.7 


108.0 


18 


62,0 


54.6 


7.33 


6.59 


9.45 


9.56 


9.55 




43.1 


37.5 


95.5 


108.7 


19 


61.8 


54.5 


7.37 


6.61 


9.45 


9.56 


9.53 




42.9 


37.5 


95.2 


108.4 


20 


62.0 


54.5 


7.36 


6.55 


9.46 


9.56 


9.49 




43.0 


37.3 


94.9 


108.3 


21 


62.1 


54.8 


7.31 


6.51 


9.49 


9.57 


9.52 




42.9 


37.4 


95.0 


108.0 


22 


61.9 


54.7 


7.29 


6.50 


9.49 


9.58 


9.53 




42.7 


37.4 


94.5 


107.8 


23 


62.2 


54.7 


7.33 


6.51 


9.51 


9.59 


9.52 




43.0 


37.4 


94.4 


107.3 


24 


62.4 


55.0 


7.36 


6.52 


9.50 


9.59 


9.53 




43.4 


37.6 


94.0 


107.2 


25 


62.6 


55.2 


7.39 


6.52 


9.52 


9.59 


9.52 




43.7 


37.3 


93.8 


107.4 


26 


62.5 


54.9 


7.43 


6.55 


9.53 


9.60 


9.50 




42.9 


37.1 


93.3 


107.5 


27 


62.4 


54.8 


7.43 


6.54 


9.55 


9.62 


9.52 




42.6 


36.9 


93.2 


107.7 


28 


62.1 


54.5 


7.41 


6.51 


9.47 


9.59 


9.50 




41.6 


36.8 


93.3 


107.2 


29 


62.5 


54.7 


7.39 


6.48 


9.49 


9.57 


9.52 




41.7 


36.9 


93.4 


107.3 


30 


62.6 


54.8 


7.41 


6.48 


9.48 


9.56 


9.48 




41.7 


36.9 


92.6 


107.4 


31 


62.5 


55.0 


7.42 


6.46 


9.46 


9.55 


9.48 




40.5 


36.7 


92.4 


106.8 


Av. 


62.0 


55.2 


7.29 


6.53 


9.51 


9.62 


9.56 




42.8 


37.9 


95.7 


107.0 



AUGUST. 



1 


62.9 


55.3 


7.41 


6.45 


9.47 


9.54 


9.44 




38.6 


36.7 


92.1 


107.1 


2 


63.4 


55.8 


7.41 


6.47 


9.52 


9.56 


9.52 




38.3 


37.0 


91.9 


107.1 


3 


63.5 


55.9 


7.41 


6.45 


9.51 


9.58 


9.50 




38.6 


37.3 


92.4 


107.2 


4 


63.1 


55.8 


7.43 


6.45 


9.53 


9.57 


9.53 




38.2 


37.3 


92.3 


107.2 


5 


63.1 


55.6 


7.44 


6.44 


9.52 


9.58 


9.56 




38.1 


37.2 


92.4 


106.8 


6 


63.1 


55.3 


7.45 


6.40 


9.51 


9.58 


9.56 




38.2 


37.1 


92.2 


107.1 


7 


63.1 


55.2 


7.44 


6.39 


9.51 


9.56 


9.57 




37.8 


37.1 


92.1 


107.3 


8 


63.7 


55.5 


7.41 


6.37 


9.46 


9.55 


9.56 




38.0 


37.4 


92.1 


108.0 


9 


63.7 


55.7 


7.43 


6.39 


9.47 


9.54 


9.53 




37.9 


37.4 


92.1 


107.9 


10 


63.8 


55.6 


7.43 


6.39 


9.47 


9.54 


9.51 




37.9 


37.3 


91.7 


106.9 


11 


64.1 


55.8 


7.41 


6.39 


9.51 


9.54 


9.52 




38.1 


37.3 


91.8 


106.5 


12 


64.3 


55.9 


7.41 


6.43 


9.54 


9.55 


9.50 




38.0 


37.4 


9L7 


105.8 


13 


64.3 


55.8 


7.42 


6.45 


9.55 


9.57 


9.54 




37.8 


37.2 


91.4 


105.7 


14 


64.2 


55.8 


7.40 


6.41 


9.54 


9.57 


9.54 




37.8 


37.3 


91.8 


103.9 


15 


64.4 


55.7 


7.40 


6.40 


9.56 


9.59 


9.57 




37.8 


37.4 


91.5 


102.9 



Appendix 



131 



CHICAGO TEN- YEAR AVERAGE DAILY PRICES, 1904-1913— Continued. 
AUGUST— Continued. 











m 


























^ 














CO 


■^ m 











o 


T3 


•xi 


M 




m 


M 


o^ 


6% 




o 


g 


a 


M 


u 
oS 


(rf 


.Q 


^ 


03 


03 


^ w 


^^ 




O^ 


O^ 


o 


■S 


J 


J 


s 


s 


O 


o 


^^ 


03 ''H 


p 


1^ 


as 


^ 
K 




M 
(33 

o 


Ph 
0) 

m 


m 
03 
O 


1-5 


o3 


^3 




^5 


16 


64.2 


56.0 


$7.44 


$6.41 


$9.58 


$9.61 


$9.57 




37.9 


37.6 


91.7 


103.1 


17 


64.4 


56.1 


7.42 


6.42 


9.61 


9.62 


9.62 




37.7 


37.3 


92.1 


102.6 


18 


64.4 


56.0 


7.43 


6.42 


9.63 


9.64 


9.64 




27.6 


37.6 


92.3 


103.0 


19 


64.4 


56.0 


7.46 


6.44 


9.65 


9.66 


9.68 




37.6 


37.6 


92.4 


102.9 


20 


64.5 


55.9 


7.47 


6.43 


9.65 


9.68 


9.62 




37.7 


37.6 


92.6 


103.0 


21 


64.9 


56.3 


7.46 


6.44 


9.65 


9.67 


9.63 




38.0 


37.9 


92.9 


103.5 


22 


64.9 


56.1 


7.47 


6.45 


9.65 


9.67 


9.71 




37.8 


37.8 


92.9 


103.3 


23 


64.8 


56.2 


7.50 


6.47 


9.67 


9.67 


9.70 




37.9 


37.7 


92.9 


103.6 


24 


64.7 


56.2 


7.52 


6.48 


9.73 


9.72 


9.70 




37.6 


37.6 


92.5 


103.8 


25 


64.7 


56.3 


7.56 


6.50 


9.76 


9.77 


9.69 




37.6 


37.6 


92.6 


103.6 


26 


64.7 


56.3 


7.57 


6.50 


9.76 


9.75 


9.70 




37.4 


37.6 


92.9 


103.5 


27 


64.7 


56.5 


7.58 


6.51 


9.74 


9.75 


9.68 




37.5 


37.6 


93.2 


102.7 


28 


64.8 


56.4 


7.60 


6.53 


9.74 


9.76 


9.66 




37.2 


37.4 


93.4 


102.3 


29 


64.6 


56.4 


7.57 


6.53 


9.77 


9.77 


9.67 




37.1 


37.4 


93.1 


101.9 


30 


64.6 


56.5 


7.57 


6.50 


9.81 


9.79 


9.70 




37.3 


37.3 


92.6 


101.6 


31 


64.2 


56.5 


7.57 


6.51 


9.81 


9.80 


9.68 




37.6 


37.4 


92.7 


101.5 


Av. 


64.1 


55.9 


7.47 


6.45 


9.61 


9.64 


9.61 




37.9 


37.4 


92.5 


104.6 



SEPTEMBER. 



1 


64.7 


56.8 


7.55 


6.49 


9.82 


9.69 




38.1 




93.6 


101.5 


2 


64.7 


57.0 


7.54 


6.48 


9.84 




9.70 




38.3 




93.8 


101.6 


3 


64.7 


57.0 


7.55 


6.49 


9.87 




9.73 




38.3 




93.9 


101.8 


4 


64.9 


57.3 


7.59 


6.51 


9.87 




9.74 




38.3 




94.3 


102.1 


5 


64.7 


57.3 


7.60 


6.51 


9.88 




9.72 




38.2 




94.0 


101.8 


6 


64.7 


57.1 


7.62 


6.52 


9.87 




9.69 




38.5 




94.0 


101.6 


7 


64.7 


57.2 


7.65 


6.54 


9.86 




9.68 




38.3 




94.1 


101.7 


8 


64.8 


57.2 


7.65 


6.54 


9.87 




9.67 




38.4 




94.2 


101.6 


9 


64.6 


57.5 


7.70 


6.58 


9.86 




9.64 




38.2 




94.3 


101.6 


10 


64.5 


57.0 


7.73 


6.61 


9.84 




9.64 




38.3 




94.4 


101.1 


11 


64.3 


57.3 


7.69 


6.59 


9.86 




9.65 




38.3 




94.5 


101.2 


12 


64.1 


56.9 


7.67 


6.60 


9.88 




9.67 




38.4 




95.0 


101.1 


13 


63.9 


57.1 


7.64 


6.58 


9.85 




9.67 




38.6 




95.7 


101.2 


14 


63.7 


56.9 


7.60 


6.55 


9.85 




9.67 




38.5 




95.8 


101.3 


15 


63.4 


56.6 


7.62 


6.57 


9.85 




9.64 




38.5 




96.0 


101.5 


16 


63.2 


56.3 


7.62 


6.53 


9.81 




9.61 




38.6 




96.1 


102.1 


17 


62.9 


56.3 


7.60 


6.57 


9.79 




9.62 




38.7 




96.0 


101.9 


18 


63.0 


56.2 


7.60 


6.58 


9.80 




9.63 




38.6 




95.8 


101.4 


19 


63.3 


56.3 


7.60 


6.58 


9.85 




9.71 




39.0 




96.5 


101.3 


20 


63.7 


56.7 


7.64 


6.59 


9.90 




9.77 




39.1 




96.3 


101.3 


21 


63.2 


56.6 


7.59 


6.60 


9.93 




9.77 




38.9 




96.7 


101.2 


22 


63.0 


56.3 


7.61 


6.61 


9.93 




9.77 




38.8 




96.9 


101.6 


23 


63.0 


56.3 


7.64 


6.63 


9.95 




9.77 




38.6 




96.9 


101.8 


24 


62.9 


56.1 


7.62 


6.63 


10.00 




9.77 




38.6 




96.9 


101.7 


25 


63.0 


56.2 


7.61 


6.65 


10.00 




9.78 




38.3 




97.0 


101.8 


26 


62.7 


56.2 


7.60 


6.66 


9.97 




9.70 




38.4 




96.7 


101.8 


27 


62.5 


56.0 


7.57 


6.66 


9.94 




9.70 




38.4 




96.9 


101.7 


28 


62.3 


56.1 


7.53 


6.60 


9.93 




9.67 




38.7 




97.1 


101.5 


29 


61.9 


55.9 


7.54 


6.60 


9.87 




9.61 




39.1 




96.9 


101.2 


30 


61.6 


55.7 


7.53 


6.60 


9.88 




9.57 




39.3 




96.9 


101.4 


Av. 


63.6 


56.6 


7.61 


6.58 


• 9.88 




9.68 




38.5 




95.7 


101.5 



132 



Agricultural Prices 



CHICAGO TEN- YEAR AVERAGE DAILY PRICES, 1904-1913— Continued. 

OCTOBER. 











M 


























^ 














c<l 


^'2 




o 


tf 

^ 


ft 


o 

en 


V 
3 




M 


m 




02 


6 ^ 


|S 




O^ 


o 


o 
E-i 


r^ 


J 


J 


2 


U 


O ^ 


O 


CO ^— ' 


is 


Q 


^3 


as 


M 

o 






ft 
a; 




>> 


1^ 

o3 


<X> o 




1" 


1 


61.4 


55.6 


$7.54 


$6.60 


$9,911 


$9.56 




38.3 




97.2 


100.8 


2 


61.3 


55.8 


7.52 


6.59 


9.941 


9.58 




38.3 




97.? 


100.8 


3 


61.3 


55.6 


7.53 


6.60 


9.95| 


9.55 




38.2 




97.2 


100.5 


4 


60.9 


55.4 


7.53 


6.59 


9.931 


9.60 




38.3 




97.6 


100.6 


5 


61.1 


55.4 


7.54 


6.61 


9.93 




9.62 




38.5 




97.3 


100.3 


6 


61.1 


55.4 


7.50 


6.58 


9.92 




9.59| 


38.4 




97.3 


100.3 


7 


60.8 


55.1 


7.47 


6.54 


9.88 




9.60 




38.4 




97.5 


100.4 


8 


61.0 


55.3 


7.43 


6.51 


9.91 




9.50 




38.3 




97.8 


100.5 


9 


61.1 


55.6 


7.43 


6.53 


9.92 




9.47 




38.6 




98.0 


100.6 


10 


61.1 


55.4 


7.40 


6.51 


9.88 




9.43 




38.4 




98.2 


101.0 


11 


61.0 


55.5 


7.39 


6.50 


9.90 




9.43 




38.4 




98.1 


101.1 


12 


61.2 


55.6 


7.37 


6.48 


9.86 




9.39 




38.3 




98.5 


101.4 


13 


61,1 


55.7 


7.31 


6.47 


9.82 




9.42 




38.3 




9.90 


101.5 


14 


60.4 


55.6 


7.30 


6.44 


9.87 




9.42 




38.4 




98.8 


101.7 


15 


60.3 


55.5 


7.29 


6.45 


9.89 




9.39 




38.1 




99.2 


101.7 


16 


59.8 


55.3 


7.26 


6.44 


9.86 




9.35 




37.9 




98.9 


101.7 


17 


59.6 


55.0 


7.24 


6.40 


9.81 




9.29 




37.8 




99.3 


101.3 


18 


59.9 


55.0 


7.25 


6.39 


9.82 




9.24 




37.8 




98.8 


101.1 


19 


60.2 


55.2 


7.25 


6.39 


9.89 




9.20 




38.8 




98.9 


101.1 


20 


60.2 


55.2 


7.18 


6.33 


9.90 




9.15 




37.8 




99.0 


100.8 


21 


60.2 


55.2 


7.17 


6.30 


9.92 




9.13 




37.8 




99.2 


100.8 


22 


59.8 


55.0 


7.13 


6.28 


9.90 




9.09 




37.8 




98.9 


100.9 


23 


60.0 


54.9 


7.09 


6.26 


9.86 




9.09 




37.8 




98.9 


99.6 


24 


59.7 


55.0 


7.08 


6.20 


9.84 




9.11 




37.8 




98.7 


99.1 


25 


59.7 


55.1 


7.05 


6.16 


9.82 




9.10 




37.8 




98.9 


99.0 


26 


60.0 


55.2 


7.00 


6.13 


9.81 




9.07 




38.0 




98.9 


99.0 


27 


60.0 


55.3 


6.99 


6.12 


9.78 




9.04 




37.8 




99.0 


98.8 


28 


59.8 


55.2 


6.99 


6.12 


9.77 




9.07 




37.7 




98.7 


98.7 


29 


59.5 


55.1 


6.95 


6.12 


9.73 




9.08 




37.4 




98.8 


98.8 


30 


59.4 


55.0 


6.91 


6.05 


9.72 




9.03 




37.6 




98.4 


98.7 


31 


59.5 


55.0 


6.88 


6.02 


9.68 




9.00 




37.6 




98.1 


98.7 


Av. 


60.4 


55.3 


7.26 


6.38 


9.85 




9.31 




38.2 




98.4 


100.2 



NOVEMBER. 



1 


59.5 


55.0 


6.88 


5.99 


9.58 


1 9.01 




37.6 




97.6 


98.2 


2 


58.8 


55.0 


6.88 


6.00 


9.57 




8.96 




37.5 




97.9 


98.0 


3 


58.9 


54.9 


6.91 


6.03 


9.59 


. 


8.93 




37.5 




97.5 


98.5 


4 


58.9 


54.9 


6.93 


6.07 


9.56 




8.93 




37.7 




97.1 


97.3 


5 


58.9 


54.7 


6.86 


6.02 


9.61 




8.91 




37.5 




97.2 


97.7 


6 


58.5 


54.6 


6.81 


6.01 


9.63 




8.89 




37.5 




97.1 


97.1 


7 


58.6 


54.5 


6.80 


6.01 


9.65 




8.93 




36.8 




97.1 


97.1 


8 


58.4 


54.4 


6.78 


6.00 


9.66 




8.95 




37.4 




96.9 


97.0 


9 


58.4 


54.4 


6.78 


6.02 


9.66 




8.95 




37.7 




97.0 


97.0 


10 


58.7 


54.5 


6.79 


6.05 


9.63 




8.92 




37.8 




97.1 


97.3 


11 


58.7 


54.4 


6.77 


6.04 


9.63 




8.91 




37.8 




97.6 


97.6 


12 


58.7 


54.5 


6.77 


6.05 


9.64 




8.91 




37.5 




97.8 


97.9 


13 


58.9 


54.3 


6.75 


6.04 


9.60 




8.93 




37.7 




97.9 


98.1 


14 


59.1 


54.5 


6.71 


6.01 


9.67 




8.95 




37.7 




98.1 


98.2 


15 


59.1 


54.5 


6.69 


6.00 


9.72 




8.94 




37.7 




97.8 


98.1 



Appendix 133 

CHICAGO TEN- YEAR AVERAGE DAILY PRICES, 1904-1913— Continued. 
NOVEMBER— Continued. 











m 


























^ 














CO 


'-' M 




cl 






o 


Ti 


Ti 






03 


w 


o ^ 


O o 




o 


d 


a 


ba 


ci3 


03 


^ 


-Q 


03 


03 


Z ai 


^^ 




O 


o^ 


^ 


B 


a 


k3 


Pi 


P4 


o 


o 


1^3 


1^^ 








o 




m 

O 


m 


m 
Q 


3 

1-3 










16 


59.4 


54.5 


$6.63 


$5.97 


$9.66 




$8.97 




37.8 




97.9 


98.4 


17 


59.2 


54.6 


6.62 


5.97 


9.63 




8.98 




37.8 




98.0 


98.6 


18 


59.0 


54.2 


6.61 


5.95 


9.63 




8.98 




37.7 




97.8 


98.4 


19 


58.6 


54.2 


6.57 


5.91 


9.61 




8.92 




37.6 




97.3 


98.4 


20 


58.2 


54.1 


6.55 


5.91 


9.60 




8.95 




37.2 




97.4 


98.2 


21 


58.2 


54.1 


6.52 


5.88 


9.54 




8.94 




37.7 




97.1 


98.0 


22 


57.9 


53.9 


6.49 


5.84 


9.50 




8.93 




37.6 




96.8 


97.9 


23 


57.7 


53.9 


6.46 


5.82 


9.48 




8.88 




37.7 




96.6 


98.2 


24 


57.7 


53.8 


6.43 


5.80 


9.43 




8.84 




37.6 




97.0 


98.1 


25 


57.5 


53.8 


6.38 


5.74 


9.41 




8.83 




37.6 




97.2 


98.3 


26 


57.1 


53.8 


6.40 


5.75 


9.42 




8.84 




37.7 




97.3 


98.1 


27 


57.1 


53.9 


6.43 


5.79 


9.45 




8.85 




37.7 




97.2 


98.1 


28 


56.9 


53.7 


6.45 


5.79 


9.50 




8.84 




37.5 




97.0 


98.1 


29 


56.7 


53.6 


6.51 


5.84 


9.53 




8.82 




37.5 




96.8 


97.9 


30 


56.5 


53.6 


6.53 


5.86 


9.57 




8.84 




37.5 




96.9 


98.0 


Av. 


58.3 


54.3 


6.66 


5.94 


9.58 




8.92 




37.6 




97.3 


97.9 



DECEMBER. 



1 


56.0 




6.54 


5.88 


9.49 


8.87 




37.6 




97.2 


98.3 


2 


56.1 




6.55 


5.90 


9.45 


8.86 




37.8 




97.6 


98.3 


3 


55.4 




6.53 


5.92 


9.44 


8.84 




38.1 




97.6 


98.3 


4 


55.9 




6.62 


5.92 


9.43 


8.82 




38.3 




97.9 


98.5 


5 


56.8 




6.55 


5.93 


9.44 


8.80 




38.6 




97.9 


98.8 


6 


57.0 


6.57 


5.96 


9.42 


8.80 




38.6 




98.3 


98.9 


7 


57.7 


6.56 


5.97 


9.39 


8.80 




38.7 




98.5 


98.5 


8 


56.7 


6.51 


5.95 


9.52 


8.77 




38.8 




97.9 


98.6 


9 


56.4 


6.52 


5.98 


9.53 


8.76 




38.7 




98.1 


99.1 


10 


56.0 


6.54 


5.96 


9.53 


8.78 




38.8 




97.8 


98.4 


11 


56.0 




6.55 


5.96 


9.43 


8.77 




38.7 




97.8 


98.2 


12 


56.0 




6.53 


5.98 


9.41 


8.74 




38.8 




97.9 


98.5 


13 


55.8 




6.50 


5.96' 


9.42 


8.75 




39.0 




98.1 


98.6 


14 


55.6 




6.42 


5.93 


9.44 


8.76 




38.6 




98.2 


98.4 


15 


55.6 




6.45 


5.93 


9.43 


8.76 




38.9 




98.0 


98.6 


16 


55.4 




6.44 


5.92 


9.41 


8.74 




38.9 




98.8 


98.9 


17 


55.7 




6.47 


5.93 


9.38 




8.74 




38.8 




99.4 


99.2 


18 


55.6 




6.46 


5.94 


9.34 




8.64 




38.8 




99.6 


99.5 


19 


55.7 




6.46 


5.92 


9.35 




8.65 




38.8 




99.6 


99.4 


20 


55.8 




6.44 


5.91 


9.37 




8.69 




38.9 




99.9 


99.4 


21 


55.6 




6.48 


5.93 


9.41 




8.69 




38.7 




99.7 


99.4 


22 


55.5 




6.48 


5.92 


9.40 




8.68 




38.5 




99.4 


99.4 


23 


55.5 




6.51 


5.94 


9.43 




8.70 




38.6 




99.4 


99.2 


24 


55.5 




6.53 


5.96 


9.45 




8.71 




38.6 




99.6 


99.3 


25 


55.4 




6.54 


5.98 


9.42 




8.69 




38.5 




99.8 


99.6 


26 


55.2 




6.57 


6.01 


9.40 




8.69 




38.5 




99.4 


100.6 


27 


55.1 




6.59 


6.04 


9.34 




8.66 




38.6 




99.8 


100.8 


28 


54.8 




6.60 


6.07 


9.25 




8.61 




38.7 




100.1 


99.7 


29 


54.4 




6.61 


6.10 


9.27 




8.60 




39.0 




100.0 


99.6 


30 


54.9 




6.63 


6.11 


9.26 




8.60 




38.7 




100.1 


99.9 


Av. 


55.7 




6.52 


5.96 


9.42 




8.73 




38.6 




98.8 


99.1 



134 



Agricultural, Prices 



DUN'S INDEX NUMBER FOR JULY 1—1860-1919. 

The record is here given from 1860 to 1919, inclusive, July 1st of each year, 
usually the low point of the year. 





pq 


+3 




o 
o 

© 
O 


60 

o 
o 


+-> 
CD 


o 
m 


o 


I860 


$20.53 
15.74 
18.05 
26.15 
45.61 
25.40 
31.47 
36.53 
38.41 
29.11 
25.32 
24.80 
22.17 
20.46 
25.65 
24.84 
18.77 
21.81 
15.67 
17.05 
17.46 
20.36 
25.49 
19.01 
17.87 
16.37 
15.31 
15.15 
16.98 
14.35 
14.86 
19.78 
17.42 
14.96 
15.11 
14.76 
10.50 
10.58 
12.78 
13.48 
14.89 
14.90 
20.53 
17.47 
18.24 
18.83 
17.92 
20.30 
22.82 


% 8.97 

7.48 

7.15 

10.11 

15.68 

16.11 

17.15 

14.27 

13.21 

13.18 

14.16 

12.17 

11.05 

10.11 

11.56 

13.28 

10.72 

10.03 

8.18 

8.23 

9.23 

11.38 

13.74 

11.21 

11.17 

9.20 

8.90 

8.66 

9.41 

8.24 

8.03 

9.21 

8.70 

10.13 

9.38 

8.62 

7.05 

7.52 

7.69 

7.98 

8.90 

9.43 

11.62 

9.26 

9.03 

8.61 

9.67 

10.19 

10.19 


$12.66 
10.81 
13.40 
13.53 
26.05 
18.04 
23.47 
18.41 
23.81 
18.12 
16.11 
20.79 
16.01 
15.62 
19.14 
14.91 
15.91 
11.79 
10.60 
10.25 
12.59 
11.31 
14.68 
12.25 
11.36 
10.87 
10.24 
11.18 
11.84 
9.69 
10.71 
12.45 
10.40 
11.71 
10.39 
9.87 
7.87 
8.71 
9.43 
10.97 
10.90 
11.03 
12.55 
13.08 
10.64 
9.98 
12.59 
14.76 
12.55 


$ 8.89 

7.65 

10.98 

16.35 

27.30 

21.05 

20.82 

20.16 

19.72 

16.34 

13.30 

13.82 

14.84 

13.62 

13.67 

14.41 

12.91 

13.32 

11.34 

9.88 

11.53 

11.66 

11.62 

10.72 

9.32 

8.71 

8.57 

9.25 

9.91 

10.91 

9.74 

9.33 

8.73 

9.18 

8.47 

8.68 

8.52 

7.88 

8.82 

9.15 

9.48 

9.08 

8.74 

9.18 

10.40 

9.92 

9.64 

10.01 

10.46 


$22.43 
21.14 
28.41 
45.67 
73.48 
49.30 
45.37 
38.16 
35.69 
35.30 
31.48 
30.62 
32.42 
29.41 
27.26 
25.31 
21.74 
21.85 
19.83 
20.42 
21.98 
20.98 
21.20 
20.20 
19.01 
17.74 
18.06 
18.17 
17.44 
17.10 
17.26 
16.50 
15.64 
15.87 
13.88 
15.31 
13.60 
13.80 
14.66 
15.02 
16.32 
15.09 
15.53 
17.13 
16.51 
17.98 
19.17 
20.35 
17.23 


$25.85 
22.50 
23.20 
37.07 
59.19 
38.95 
41.78 
35.42 
27.38 
28.35 
26.81 
27.37 
32.64 
32.29 
25.25 
23.51 
20.45 
15.57 
15.78 
15.14 
18.70 
19.29 
19.83 
18.07 
16.27 
14.13 
14.46 
18.03 
15.36 
14.78 
15.50 
15.10 
14.82 
14.03 
12.01 
11.02 
13.23 
11.64 
11.84 
15.63 
14.83 
15.34 
16.08 
16.54 
15.42 
15.91 
16.64 
17.68 
16.54 


$15.84 
16.57 
17.29 
24.26 
31.65 
25.55 
27.92 
25.52 
24.78 
24.20 
21.78 
21.90 
21.31 
21.55 
19.58 
18.39 
15.95 
15.16 
14.83 
16.28 
17.13 
16.90 
16.85 
15.76 
14.88 
13.66 
13.66 
15.15 
14.15 
14.60 
15.41 
13.69 
14.25 
14.71 
14.04 
13.23 
13.52 
12.28 
12.52 
12.96 
16.07 
16.61 
16.82 
16.76 
16.91 
17.06 
19.55 
20.33 
18.35 


$115.19 


1861 


101.92 


1862 


118.51 


1863 


173.18 


1864 


278.98 


1865 


194.43 


1866 . 


207.97 


1867 


188.52 


1868 


182.82 


1869 


164.63 


1870 


148.78 


1871 


151.51 


1872 


150.47 


1873 


143.08 


1874 


143.13 


1875 


134.70 


1876 


116.47 


1877 


109.54 


1878 


96.26 


1879 


97.28 


1880 


108.65 


1881 


111.90 


1882 


123.23 


1883 


107.24 


1884 


99 70 


1885 


90 69 


1886 


89 22 


1887 


93 82 


1888 


95.13 


1889 


89.69 


1890 


91.54 


1891 


96.09 


1892 


90.10 


1898 


90.61 


1894 


83.29 


1895 


81 51 


1896 


74.31 


1897 


72 45 


1898 


77.76 


1899 


85.22 


1900 


91.41 


1901 


91.50 


1902 


101.91 


1903 


99.45 


1904 


97.19 


1905 


98.31 


1906 


105.21 


1907 


113.66 


1908 


108.17 







Appendix 



135 



DUN'S INDEX NUMBER FOR JULY 1—1860-1919— Continued. 



■ " 


m 




Id 


o 
o 

u 
O 


O 

O 


w 


TO 

o 
w 


o 


1909 


$25.85 
21.69 
21.28 
25.96 
21.19 
21.08 
26.46 
26.37 
53.91 
51.42 
51.72 


$ 9.95 
11.40 
9.41 
10.71 
13.09 
12.97 
12.13 
14.40 
18.82 
23.71 
25.66 


$15.26 
14.66 
17.47 
15.50 
13.03 
17.24 
15.56 
19.43 
26.44 
24.75 
26.16 


$10.62 
10.55 
11.38 
11.82 
10.21 
10.44 
10.72 
12.15 
14.22 
21.92 
23.34 


$20.06 
21.17 
19.32 
20.44 
20.53 
20.83 
20.90 
25.80 
36.52 
45.23 
45.62 


$16.42 
16.74 
16.58 
16.34 
16.51 
15.69 
16.60 
21.17 
32.39 
30.17 
25.75 


$20.82 
22.93 
22.66 
21.47 
21.73 
21.42 
22.56 
25.79 
29.61 
35.34 
35.43 


$119.02 


19] 


119.16 


1911 


118.13 


1912 


122.27 


1913 


116.31 


1914 


119.70 


1915 


124.95 


1916 


145.14 


1917 


211.95 


1918 


232.57 


1919 


233.70 







DUN'S INDEX NUMBERS— MONTHLY RECORD, 1903-1919. 



1903 — January 
February 
March 
April 
May . 
June . 
July . 
August 
September 
October . 
November 
December 



1904 — January . 
February 
March . , 
April . . 
May . . . 
June . . . 
July . . . 
August . . 
September 
October . 
November 
December 

1905 — January . 
February 
March 
Anril 
May . 
June . 
July . 
August 
September 
October . 
November 
December 



17.10 

17.66 

17. 

16.72 

16. 

17.03 

17.47 

17.37 

17.47 

16.69 

16.61 

16.34 

17.10 
17.98 
20.11 
18.94 
18.69 
19.52 
18.24 
18.25 
18.47 
18.46 
18.79 
18.03 

18.27 
18.08 
18.07 
17.71 
16.40 
17.97 
18.83 
17.27 
16.66 
16.85 
18.03 
17.29 



9.52 

9.18 

9.60 

9.65 

9.75 

9.21 

9.26 

8.9 

8.92 

8.83 

7.99 

7.95 

8.13 
8.20 
8.52 
8.49 
8.22 
8.33 
9.03 
8.83 
8.46 
8.58 
8.23 
8.20 

7.95 
8.03 
8.41 
8.59 
8.72 
8.89 
8.61 
8.71 
9.00 
8.35 
8.44 
8.51 



14.61 
14.33 
13.53 
13.51 
13.16 
13.24 
13.08 
11.80 
12.35 
12.60 
13.58 
14.57 

15.28 
15.07 
14.54 
15.36 
15.40 
13.15 
10.64 
10.68 
11.27 
12.03 
12.88 
13.82 

13.94 
13.65 
14.10 
12.26 
11.81 
10.77 
9.98 
12.12 
12.18 
12.88 
14.80 
14.91 



9.41 
9.36 

9.40 
9.34 
9.23 
9.21 
9.18 
9.26 
9.24 
9.17 
9.72 
9.64 

9.65 

9.66 

9.46 

9.60 

10.26 

10.39 

10.40 

10.37 

10.57 

10.51 

10.43 

10.52 

10.69 

10.81 

10.66 

10.57 

10.50 

10.47 

9.92 

9.92 

9.89 

9.73 

9.62 

9.83 



15.93 
16.26 
16.50 
16.40 
16.54 
16.79 
17.13 
17.17 
17.13 
16.81 
16.68 
16.82 

17.31 
18.12 
17.91 
17.77 
17.42 
17.15 
16.51 
16.62 
16.73 
16.61 
16.71 
17.00 

16.31 
16.88 
16.91 
16.98 
17.05 
17.38 
17.98 
18.45 
18.91 
18.77 
18.83 
19.13 



17.18 
17.09 
17.08 
16.56 
16.58 
16.54 
16.54 
16.48 
16.54 
16.36 
16.17 
16.03 

15.88 
15.77 
15.84 
15.26 
15.36 
15.43 
15.42 
15.49 
15.50 
15.29 
15.38 
15.97 

16.18 
16.17 
16.33 
15.66 
15.76 
15.78 
15.91 
16.14 
16.38 
16.57 
16.68 
16.97 



16.57 
17.01 
17.05 
17.05 
16.90 
16.88 
16.76 
16.80 
16.87 
16.89 
17.05 
16.84 

16.75 
17.19 
17.19 
17.03 
16.83 
16.95 
16.91 
16.96 
16.81 
16.89 
16.98 
16.98 

16.93 
17.40 
17.42 
17.39 
17.29 
17.46 
17.06 
17.22 
17.25 
17.27 
17.42 
18.65 



100.35 
100.92 
101.06 
99.26 
98.56 
98.93 
99.45 
97.89 
98.54 
97.37 
97.82 
98.22 

100.14 

102.02 

103.61 

102.48 

102.20 

100.95 

97.19 

97.22 

97.84 

98.39 

99.43 

100.55 

100.31 

101.04 

101.93 

99.20 

97.56 

98.75 

98.31 

99.84 

100.30 

100.42 

103.85 

105.31 



136 Agricultural Prices 

DUN'S INDEX NUMBERS— MONTHLY RECORD, 1903-1919— Continued. 



pq 






1906 — January . 
February 
March . . 
April . . 
May . . . 
June . . . 
July . . . 
August . . 
September 
October . 
November 
December 

1907 — January . 
February 
March 
April 
May . 
June . 
July . 
August 
September 
October . 
November 
December 

1908 — January . 
February 
March . . 
April . . 
May . . . 
June . . . 
July . . . 
August . . 
September 
October . 
November 
December 



1909- 



-January . 
February 
March . . 
April . . 
May . . . 
June . . . 
July . . . 
August . . 
September 
October . 
November 
December 



$16.55 
16.05 
15.71 
16.29 
17.05 
17.37 
17.92 
16.43 
16.25 
16.21 
16.62 
16.34 

16.07 
16.38 

17.47 
16.98 
18.16 
20.08 
20.30 
19.87 
22.48 
22.94 
21.98 
21.29 

22.25 
21.12 
21.48 
22.03 
22.88 
23.16 
22.82 
24.15 
24.17 
23.99 
23.57 
21.87 

21.48 
22.90 
23.96 
24.12 
25.69 
26.78 
25.85 
23.70 
22.00 
21.53 
21.63 
22.31 



8.42 

8.69 

9.15 

9.33 

9.29 

9.45 

9.67 

9.71 

9.60 

9.35 

9. 

9.27 

9.35 

9.69 

9.67 

9.62 

9.64 

9.98 

10.19 

10.09 

10.15 

9.66 

9.22 

8.92 

8.14 
8.24 
8.54 
9.22 
9.77 
9.62 
10.19 
9.99 
9.48 
9.5 
9.17 
9.13 

9.14 
10.27 
8.86 
9.24 
9.02 
9.49 
9.95 
9.81 
9.54 
9.45 
9.35 
9.54 



$14.89 
13.97 
13.64 
14.73 
13.84 
14.35 
12.59 
11.96 
13.32 
13.97 
14.53 
15.91 

14.96 
14.41 
15.72 
14.79 
14.46 
15.41 
14.76 
15.45 
15.01 
15.64' 
15.84 
17.16 

17.38 
15.64 
15.90 
14.36 
14.30 
13.11 
12.55 
13.35 
13.92 
14.62 
15.01 
17.01 

18.10 
15.64 
15.21 
16.14 
15.70 
16.05 
15.26 
15.76 
16.01 
16.26 
17.50 
19.16 



; 9.82 
9.68 
9.62 
9.41 
9.46 
9.47 
9.64 
9.76 
9.75 
9.78 
9.84 
9.87 

9.76 

9.80 

9.76 

9.81 

9.82 

10.10 

10.01 

10.04 

10.18 

10.44 

9.62 

10.15 

10.23 
10.38 
10.35 
10.50 
10.39 
10.31 
10.46 
10.34 
10.09 
10.09 
10.31 
10.42 

10.39 
10.50 
10.41 
10.68 
10.62 
10.65 
10.62 
10.81 
10.74 
10.97 
11.07 
11.05 



$19. 
19. 
19. 
19. 
19. 
19. 
19. 
18, 
18. 
18, 
19, 
19, 



19.63 
19.79 
20.00 
19.99 
20.09 
20.25 
20.35 
20.28 
20.52 
20.16 
19.93 
19.38 

18.84 

18.31 

17.73 

17.20 

16.80 

16.91 

17.2 

17.34 

17.32 

17.22 

17.30 

17.82 

18.02 
18.27 
18.89 
18.63 
19.07 
19.58 
20.06 
20.92 
21.06 
21.52 
22.14 
22.13 



$17.14 
17.04 
16.97 
16.92 
16.94 
16.59 
16.64 
16.78 
17.08 
17.42 
17.59 
17.92 

18.08 

18.16 

18.13 

17.37 

17.52 

17. 

17.68 

17.66 

17.62 

17.29 

17.17 

16.93 

17.23 
16.94 
17.12 
17.17 
16.87 
16.65 
16.54 
16.53 
16.72 
16.82 
16.78 
16.92 

16.91 

16.9 

16.65 

16.38 

16.35 

16.45 

16.42 

16.61 

16.94 

17.20 

17.30 

17.43 



$18.80 
19.41 
20.07 
20.22 
20.26 
20.41 
19.55 
19.35 
19.40 
19.49 
19.52 
19.33 

19.38 
19.10 
19.13 
19.30 
19.24 
20.12 
20.33 
20.31 
20.08 
19.97 
19.83 
19.40 

19.18 
19.26 
19.25 
18.22 
19.15 
18.19 
18.35 
17.75 
17.60 
17.71 
17.73 
17.78 

17.78 

18.91 

21.41 

21.6 

21.78 

22.00 

20.82 

20.58 

20.65 

21.36 

21.75 

21.77 



$104.46 
104.01 
104.20 
106.06 
106.05 
106.79 
105.21 
102.98 
104.28 
105.23 
106.68 
108.17 

107.26 
107.36 
109.91 
107.89 
108.95 
113.65 
113.66 
113.72 
116.07 
116.14 
113.63 
113.27 

113.28 
109.91 
110.38 
108.72 
110.18 
107.98 
108.17 
109.49 
109.33 
109.99 
109.91 
111.00 

111.84 
113.45 
115.42 
116.86 
118.26 
121.02 
119.02 
118.02 
116.96 
118.30 
120.77 
123.41 



Appendix 



137 



DUN'S INDEX NUMBERS— MONTHLY RECORD, 1903-1919— Continued. 



m 



PCS 



o 



1910 — January- 
February 
March . 
April . 
May , . 
June . . 
July . . 
August . 
September 
October . 
November 
December 

1911 — January . 
February 
March . . 
April . . 
May . . . 
June . . . 
July . . . 
August . . 
September 
October . 
November 
December 

1912 — January . 
Februarj' 
March . . 
April . . 
May . . . 
June . . . 
July . . . 
August . . 
September 
October . 
November 
December 

1913— January . 
February 
March 
April 
May . 
June . 
July . 
August 
September 
October . 
November 
December 



$23.83 
23.50 
23.42 
22.17 
20.99 
20.59 
21.69 
21.86 
20.26 
19.12 
18.83 
18.56 

18.01 
18.17 
17.76 
18.17 
19.97 
20.50 
21.28 
21.69 
22.14 
23.82 
24.86 
23.12 

23.52 

24.27 
24.71 
25.59 
27.63 
27.39 
25.96 
24.76 
24.08 
21.76 
22.37 
20.68 

19.88 
19.56 
19.59 
19.96 
20.67 
21.27 
21.19 
21.63 
22.97 
22.58 
22.61 
23.00 



f 9.64 

9.68 

10.78 

12.35 

11.54 

11.69 

11.40 

11.08 

11.02 

10.37 

9.89 

9.78 

9.48 
9.96 

10.14 
9.74 
9.36 
9.63 
9.41 
9.90 

10.08 
9.61 
9.21 
8.92 

8.92 
9.17 
9.51 
10.59 
11.28 
11.01 
10.71 
10.84 
11.18 
10.92 
10.45 
10.62 

10.91 
11.52 
13.04 
13.47 
13.18 
12.96 
13.09 
13.08 
12.78 
13.05 
12.21 
12.05 



$18.90 
17.56 
16.92 
15.23 
14.32 
14.32 
14.66 
15.45 
15.73 
16.23 
16.81 
18.01 

18.07 
16.46 
14.58 
13.63 
14.75 
14.70 
17.47 
19.24 
18.00 
16.50 
19.19 
22.17 

21.28 
21.89 
19.36 
21.77 
20.77 
18.08 
15.50 
16.75 
16.49 
18.62 
19.41 
19.22 

17.92 
16.85 
16.14 
15.31 
15.11 
16.52 
13.03 
14.91 
16.60 
17.93 
19.97 
20.45 



$10.80 
10.81 
10.90 
10.77 
10.51 
10.54 
10.55 
10.83 
11.03 
11.03 
10.86 
10.50 

11.19 
11.25 
11.01 
11.07 
11.28 
10.98 
11.38 
11.60 
12.05 
12.33 
12.59 
12.61 

12.26 
12.23 
12.22 
12.32 
11.75 
11.97 
11.82 
11.70 
11.59 
11.75 
11.10 
11.11 

11.07 
10.87 
10.73 
10.16 
10.12 
10.25 
10.21 
10.26 
10.57 
10.70 
11.06 
11.01 



f20.63 
21.67 
21.78 
22.06 
22.19 
21.28 
21.17 
20.50 
20.55 
19.93 
19.89 
20.04 

19.64 
19.59 
19.78 
19.35 
20.02 
18.84 
19.32 
18.77 
18.50 
18.63 
18.19 
18.19 

18.6 

19.04 

19.49 

19.86 

19.97 

20.00 

20.44 

20.58 

20.70 

20.70 

20.78 

21.06 

21.01 
20.83 
21.14 
20.93 
20.80 
20.70 
20.53 
20.25 
20.50 
20.94 
21.07 
20.81 



$17.49 
17.41 
17.26 
17.13 
16.93 
16.89 
16.74 
16.58 
16.65 
16.57 
16.14 
16.09 

16.51 
16.59 
16.74 
16.71 
18.69 
16.61 
16.58 
16.52 
16.50 
16.30 
16.29 
16.38 

16.37 
16.35 
15.98 
15.55 
15.91 
16.10 
16.34 
16.66 
17.02 
17.63 
18.02 
18.04 

17.94 

17.85 
17.37 
16.92 
16.75 
18.76 
16.51 
15.52 
16.74 
18.76 
18.75 
16.59 



$22.12 
21.74 
21.74 
21.81 
21.80 
21.91 
22.93 
22.17 
22.15 
22.18 
22.18 
21.85 

22.17 
22.20 
22.24 
22.22 
22.18 
22.08 
22.88 
22.02 
22.04 
22.06 
21.81 
21.5 

22.43 
22.43 
22.25 
22.35 
21.84 
21.41 
21.47 
21.57 
21.48 
21.89 
21.38 
21.31 

22.08 
22.42 
22.42 
22.42 
21.87 
21.57 
21.73 
21.84 
21.88 
21.92 
21.80 
21.79 



$123.43 
122.39 
122.84 
121.55 
118.30 
117.24 
119.18 
118.52 
117.43 
115.44 
114.62 
114.66 

115.10 
114.25 
112.28 
110.92 
114.25 
113.37 
118.12 
119.77 
119.33 
119.29 
121.97 
122.92 

123.43 
125.42 
123.52 
128.04 
128.98 
125.98 
122.27 
123.89 
122.54 
123.10 
123.52 
122.05 

120.83 
119.72 
120.46 
119.21 
118.32 
120.05 
116.31 
118.51 
122.05 
123.90 
125.50 
125.73 



138 Agricultural Prices 

DUN'S INDEX NUMBERS— MONTHLY RECORD, 1903-1919— Continued. 



M 



d 



QO 



fe 



o 

6 



1914 — January . 
February 
March . . 
April , . 
May . . . 
June . . . 
July . . . 
August . . 
September 
October . 
November 
December 

1915 — January . 
February 
March . . 
April . . 
May , . . 
June . . . 
July . . . 
August . . 
September 
October . 
November 
December 

1916 — January . 
February 
March , . 
April . . 
May . . . 
June . . . 
July . . . 
August . . 
September 
October . 
November 
December 

1917 — January . 
February 
March . . 
April . . 
May . , . 
June . . . 
July . . . 
August . . 
September 
October . 
November 
December 



$21.96 
20.96 
22.14 
21.40 
21.54 
23.16 
21.08 
22.56 
26.25 
24.44 
25.30 
24.42 

25.89 
29.05 
28.60 
28.86 
29.80 
28.35 
26.46 
25.99 
24.97 
23.54 
24.02 
25.16 

27.31 
28.78 
26.27 
26.70 
26.77 
25.63 
26.37 
28.66 
31.06 
31.82 
36.77 
36.09 

36.15 
37.86 
40.95 
43.81 
55.36 
53.50 
53.91 
64.07 
54.68 
55.51 
55.68 
53.99 



;12.15 
12.62 
13.16 
12.86 
12.81 
13.06 
12.97 
13.42 
12.83 
12.09 
11.90 
11.32 

10.70 
10.60 
10.73 
11.07 
11.66 
12.51 
12.13 
11.38 
11.44 
11.46 
11.39 
10.55 

11.49 
12.23 
13.22 
14.16 
14.61 
15.04 
14.40 
13.65 
14.69 
13.69 
14.23 
14.24 

15.02 
16.12 
17.03 
18.89 
19.38 
19.81 
18.82 
17.74 
19.35 
19.12 
18.16 
19.00 



$20.08 
18.05 
16.00 
15.87 
16.43 
16.11 
17.24 
16.20 
17.43 
17.32 
18.58 
19.82 

19.28 
17.46 
15.58 
15.58 
15.46 
15.13 
15.56 
16.03 
16.25 
18.76 
20.61 
20.97 

20.50 
20.40 
20.81 
21.25 
20.63 
19.26 
19.43 
17.36 
21.54 
20.70 
24.27 
25.40 

25.16 
27.37 
31.50 
29.30 
30.72 
33.60 
26.44 
21.24 
22.75 
25.80 
25.88 
27.02 



$10:95 
11.00 
11.36 
10.68 
10.46 
10.61 
10.44 
10.28 
11.72 
11.42 
10.88 
10.54 

10.60 
10.47 
10.82 
10.76 
10.70 
10.59 
10.72 
10.97 
10.85 
10.71 
10.95 
11.22 

11.21 
11.40 
11.52 
11.93 
12.07 
12.23 
12.15 
12.01 
11.96 
12.61 
13.02 
12.92 

12.92 
12.98 
13.16 
13.28 
13.71 
13.86 
14.22 
15.21 
15.55 
16.08 
18.72 
18.76 



$20.66 
20.24 
20.43 
20.64 
19.96 
20.68 
20.83 
20.97 
20.39 
20.25 
19.97 
19.88 

19.72 
20.11 
20.22 
20.48 
20.78 
20.74 
20.90 
21.40 
21.46 
21.92 
22.32 
22.80 

23.42 
23.60 
23.78 
24.94 
25.13 
25.39 
25.80 
25.89 
26.51 
26.82 
29.09 
30.23 

30.08 
30.38 
30.38 
30.67 
32.08 
33.02 
36.52 
36.91 
38.61 
39.43 
40.44 
40.74 



$16.17 
16.18 
15.88 
15.78 
15.55 
15.69 
15.69 
15.76 
16.12 
15.97 
15.84 
16.13 

16.16 
16.29 
16.34 
15.94 
15.83 
16.13 
16.60 
16.61 
16.95 
17.06 
17.27 
18.32 

18.89 

19.81 

20. 

20.64 

20.88 

21.65 

21.17 

21.05 

21.22 

21.32 

21.79 

23.39 

24.45 
25.02 
25.97 
26.68 
28.44 
29.88 
32.39 
32.57 
32.65 
31.15 
29.84 
28.41 



$22.54 
22.57 
22.77 
22.54 
21.44 
21.76 
21.42 
21.52 
22.19 
22.01 
21.84 
22.04 

21.79 
21.65 
21.85 
22.38 
22.38 
22.50 
22.56 
22.67 
22.74 
23.17 
23.87 
24.10 

24.82 
26.02 
26.10 
26.04 
26.08 
26.17 
25.79 
25.27 
25.02 
25.37 
25.63 
25.80 

25.76 
26.51 
27.21 
27.35 
28.72 
28.88 
29.61 
31.01 
31.39 
32.55 
32.00 
32.22 



$124.52 
121.64 
121.77 
119.79 
118.23 
121.09 
119.70 
120.74 
126.97 
123.53 
124.34 
124.18 



Appendix 139 

DUN'S INDEX NUMBERS— MONTHLY RECORD, 1903-1919— Continued. 



P 






o 
O 



1918 — January- 
February 
March . 
April . 
May . . 
June . . 
July . . 
August . 
September 
October . 
November 
December 

1919 — January . 
February 
March 
April 
May . 
June . 
July . 
August 
September 
October . 
November 
December 

1920 — January . 
February 



$54.27 
54.00 
55.49 
57.03 
51.32 
48.36 
51.42 
51.62 
50.31 
49.19 
47.47 
47.94 

48.59 
44.99 
44.63 
49.03 
48.87 
51.23 
51.72 
54.75 
53.23 
48.00 
47.52 
48.28 

48.94 
50.63 



$19.29 
20.57 
20.91 
22.24 
22.46 
22.36 
23.71 
23.08 
23.66 
22.90 
21.93 
21.55 

22.19 
21.53 
22.02 
22.89 
24.36 
24.71 
25.66 
25.10 
23.79 
20.08 
19.14 
20.00 

19.96 

20.94 



$27.41 
28.76 
27.12 
24.15 
23.70 
23.82 
24.75 
24.68 
25.00 
26.43 
27.33 
27.63 

27.13 

24.70 
22.93 
24.44 
26.12 
26.90 
26.16 
26.87 
26.29 
27.98 
28.73 
30.09 

29.08 

28.84 



$18.74 
18.84 
19.19 
20.32 
21.41 
21.09 
21.92 
22.30 
22.49 
23.01 
23.36 
23.40 

23.96 
23.40 
23.84 
23.82 
22.72 
22.80 
23.34 
23.69 
23.47 
23.38 
24.15 
24.63 

24.94 
25.45 



42.38 
42.21 
43.32 
43.45 
44.70 
45.23 
44.28 
44.73 
44.53 
43.67 
43.15 

43.19 
42.24 
40.46 
39.17 
39.56 
41.79 
45.62 
48.55 
47.92 
49.85 
51.40 
52.28 

52.78 
54.42 



$29.27 
29.58 
29.91 
29.50 
29.88 
29.93 
30.17 
30.34 
30.60 
30.67 
30.55 
30.39 

28.76 
28.58 
28.21 
25.63 
25.79 
25.55 
25.75 
26.60 
26.53 
26.57 
26.71 
27.72 

28.96 
29.76 



$32.29 
32.85 
33.11 
33.72 
34.42 
34.55 
35.34 
35.73 
36.05 
36.47 
36.20 
36.28 

36.29 
34.58 
34.91 
34.96 
34.75 
34.95 
35.43 
36.05 
37.09 
39.97 
40.89 
41.61 

42.73 
43.72 



$222.17 
227.02 
227.97 
230.31 
226.66 
224.84 
232.57 
232.05 
232.88 
233.22 
230.52 
230.37 

230.14 
220.05 
217.03 
219.97 
222.19 
227.97 
233.70 
241.65 
238.34 
235.86 
238.57 
244.63 

247.39 
253.75 



NOTE — Breadstuffs include quotations of wheat, corn, oats, rye and 
barley, besides beans and peas; meats include live hogs, beef, sheep and 
various provisions, lard, tallow, etc.; dairy and garden include butter, 
eggs, vegetables and fruits; other foods include fish, liquors, condiments, 
sugar, rice, tobacco, etc.; clothing includes the raw material of each in- 
dustry, and many quotations of woolen, cotton and other textile goods, as 
well as hides and leather; metals include various quotations of pig iron, 
and partially manufactured and finished produces, as well as minor metals, 
coal and petroleum. The miscellaneous class embraces m.any grades of 
hard and soft lumber, lath, brick, lime, glass, turpentine, hemp, linseed 
oil, paints, fertilizers and drugs. 



1-10 



Agkicultueal Prices 



AVERAGE HOG PRICES AT CHICAGO. 

(This includes heavy hogs, light hogs and pigs.) 



1903. 


1904. 


1905. 


1906. 


1907. 


1908. 


1909. 


1910. 


1911. 


1912. 


Jan. . . . 


$ 6.401$ 4.90 


$ 4.65|$ 5.40 


1 6.60 


$ 4.40 


$ 6.10 


$ 8.55 


$ 7.95 


$ 6.25 


Feb. 






6.75 


5.15 


4.85 


6.00 


7.05 


4.45 


6.35 


9.05 


7.40 


6.20 


Mar. 






7.30 


5.35 


5.15 


6.30 


6.65 


5.00 


6.70 


10.55 


6.85 


7.101 


Apr. 






7.20 


5.10 


5.45 


6.55 


6.65 


5.85 


7.20 


9.90 


6.25 


7.80 


May 






6.45 


4.65 


5.40 


6.45 


6.40 


5.50 


7.30 


9.55 


6.00 


7.65 


June 






6.00 


5.05 


5.35 


6.55 


6.10 


5.80 


7.65 


9.45 


6.25 


7.50 


July 






5.55 


5.40 


5.65 


6.65 


6.05 


6.50 


7.85 


8.75 


6.70 


7.65 


Aug. 






5.45 


5.30 


5.95 


6.25 


6.00 


6.55 


7.75 


8.35 


7.30 


8.25 


Sep. 






5.85 


5.75 


5.50 


6.25 


6.00 


6.85 


8.20 


8.90 


6.90 


8.45 


Oct. 






5.55 


5.40 


5.25 


6.40 


6.15 


5.95 


7.75 


8.50 


6.45 


8.75 


Nov. . 




4.65 


4.80 


4.85 


6.20 


4.90 


5.80 


8.00 


7.60 


6.30 


7.75 


Dec. . 




4.55 


4.50 


4.90 


6.25 


4.70 


5.65 


8.35 


7.65 


6.40 


7.40 


Av.* . . 


6.00 


5.15 


5.25 


6.25 


6.10 


5.70 


7.35 


8.90 


6.70 


7.55 



AVERAGE HOG PRICES AT CHICAGO— Continued. 
(This includes heavy hogs, light hogs and pigs.) 





1913. 


1914. 


1915. 


1916. 


1917. 


1918. 


1919. 


1920. 


1921. 


1922'. 


Jan. . . . 


$ 7.45 


$ 8.30 


$ 6.90 


$ 7.20 


$10.90 


$16.30 


$17.60 








Feb. 






8.15 


8.60 


6.80 


8.20 


12.45 


16.65 


17.65 








Mar. 






8.90 


8.70 


6.75 


9.65 


14.80 


17.10 


19.10 








Apr. 






9.05 


8.65 


7.30 


9.75 


15.75 


17.45 


20.40 








May 






8.55 


8.45 


7.60 


9.85 


15.90 


17.45 


20.60 








June 






8.65 


8.20 


7.60 


9.70 


15.50 


16.60 


20.40 








July 






9.05 


8.70 


7.25 


9.80 


15.20 


17.75 


21.85 








Aue:„ 






8.35 


9.00 


6.90 


10.30 


16.90 


19.00 


20.00 








Sep. 






8.30 


. 8.85 


7.25 


10.70 


18.20 


19.65 


17.45 








Oct. 






8.20 


7.65 


7.90 


9.80 


17.15 


17.70 


14.35 








Nov. 






7.75 


7.50 


6.65 


9.60 


17.40 


17.70 


14.20 








Dec. 






7.70 


7.10 


6.40| 9.95 


16.85 


17.55 


13.60 








Av.* . . 


8.35 


8.30 


7.10i 9.00 


15.10| 17.45 


17.85 








*T 


hi 


s i 


s the a 


verage 


3 as gi 


ven in 


the D 


rovers 


' Jouri 


lal Ye 


ar-Boo 


ks. It 



evidently is a weighted average based on varying receipts. 



AVERAGE HOG PRICES AT SIOUX CITY. 



January . , 
February 
March . . 
April . . , 
May . . . . 
June . . 
July . . . 
August . . 
September 
October . 
November 
December , 



Average* 15.251 17.11 



1917. 



$10.53 
12.03 
14.20 
15.38 
15.56 
15.12 
14.81 
16.61 
17.82 
17.24 
17.10 
16.63 



1918. 



$16.17 
16.20 
16.61 
16.86 
16.89 
16.35 
17.29 
18.50 
18.25 
17.77 
17.33 
17.15 



1919. 



$17.03 
17.15 
18.43 
20.08 
20.23 
20.11 
21.23 
19.35 
16.32 
13.76 
13.77 
13.33 



17.57 



1920. 



1921. 



1922. 



*This is a simple average and not strictly comparable w^ith the Chi- 
cago averages, which are weighted on the basis of varying receipts. 



Appendix 



141 



CHICAGO AVERAGE PRICES 


OF LIGHT HOGS. 






[1903. 

1 


1904. 


1905. 


1906. 


1907. 


1908. 


1909. 


1910. 


1911. 


1912. 


January 


$ 
6^0 


$ 
4.80 
4.95 
5.25 
5.05 
4.60 
5.05 
5.45 
5.45 
5.85 
5.40 
4.70 
4.40 


$ 
4.50 
4.75 
5.10 
5.40 
5.40 
5.35 
5.70 
6.05 
5.55 
5.35 
4.85 
4.90 


$ 
5.35 
5.95 
6.30 
6.50 
6.45 
6.55 
6.70 
6.35 
6.40 
6.35 
6.20 
5.20 


$ 
6.55 
7.05 
6.65 
6.65 
6.40 
6.10 
6.05 
6.00 
6.00 
6.15 
4.95 
4.65 


$ 
4.35 
4.35 
4.95 
5.80 
5.45 
5.75 
6.40 
6.45 
6.70 
5.75 
5.55 
5.45 


$ 
5.95 
6.25 
6.60 
7.15 
7.10 
7.50 
7.85 
7.95 
8.25 
7.65 
7.85 
8.20 


% 
8.45 
8.85 
10.40 
9.70 
9.60 
9.65 
8.90 
8.55 
8.10 
8.70 
7.65 
7.65 


$ 
8.00 
7.55 
7.00 
6.45 
6.10 
6.30 
6.80 
7.40 
7.05 
6.30 
6.00 
5.85 


$ 
6.05 


February 

March 


6.50 
710 


6.10 

7.05 


April 


7.05 


7.70 


May 


6.30 
5 95 


7,50 


June 


7.35 


July 


5 70 


7.65 


August 

September 

October 


5.70 
6.05 
5.70 


8.35 
8.65 
8.60 


November 

December 


4.70 
4.40 


7.70 
7.30 



CHICAGO AVERAGE PRICES OF LIGHT HOGS— Continued. 



1913, 



1914, 



1915, 



1916. 



1917, 



1918. 



1919. 



1920. 



1921, 



1922. 



January . , 
February 
March . . 
April . . 
May . . . 
June . . . 
July . . . 
August . . 
September 
October . 
November 
December 



7.45 
8.20 
9.00 
9.10 
8.60 
8.70 
9.10 
8.80 
8.75 
8.35 
7.60 
7.60 



8.25 
8.60 
8.75 
8.70 
8.50 
8.20 
8.70 
9.20 
9.05 
7.65 
7.35 
7.00 



6.90 

6.85 
6.75 
7.35 
7.65 
7.70 
7.55 
7.40 
7.55 
7.85 
6.50 
6.25 



$ 
16.20 
16.60 
17.25 
17.60 
17.60 
16.75 
17.70 
19.25 
19.90 
17.90 
17.55 
17.35 



17.45 
17.45 
19.15 
20.40 
20.70 
20.60 
22.10 
20.50 
17.90 
14.50 
14.35 
13.75 







i 


















Jan. 




•! i 1 
















Feb. 






















Mar. 






















Apr. 






















May 






















June 






















July 






















Aug. 






















Sep. 






















Oct. 






















Nov. 






















Dec. 






















Totals 1 1 1 

















142 



Agricultural Prices 



AVERAGE PRICES OF PIGS AT CHICAGO. 





1903. 


1904. 


1905. 


1906. 


1907. 


1908. 


1909. 


1910. 


1911. 


1912. 


Jan. . . . 


$ 5.90 


$ 4.30 


§ 4.15 


$ 5.001$ 6.15 


$ 4.00 


$ 5.15 


$ 7.95 


$ 7.75 


$ 5.25 


Feb. 






6.20 


4.45 


4.30 


5.50 


6.55 


4.10 


5.50 


8.40 


7.30 


5.40 


Mar. 






6.60 


4.75 


4.65 


5.90 


6.20 


4.60 


5.90 


9.90 


6.75 


6.25 


Apr. 






6.70 


4.55 


5.00 


6.10 


6.25 


5.20 


6.20 


9.85 


6.25 


6.50 


May 






6.00 


4.25 


5.05 


6.05 


6.05 


4.80 


6.30 


9.30 


5.80 


6.35 


June 






5.85 


4.65 


4.90 


6.15 


6.75 


5.00 


6.75 


9.35 


5.95 


6.25 


July 






5.85 


5.20 


5.40 


6.40 


5.80 


5.40 


7.15 


8.90 


6.00 


6.80 


Aug. 






5.80 


5.30 


5.80 


6.10 


5.80 


5.30 


7.40 


8.90 


5.90 


7.20 


Sep. 






5.55 


5.40 


5.15 


6.10 


5.85 


5.50 


7.50 


9.00 


5.70 


7.00 


Oct. 






5.25 


5.00 


4.90 


6.15 


6.10 


4.70 


6.80 


8.55 


5.15 


7.20 


Nov. 






4.50 


4.40 


4.65 


6.05 


4.60 


4.50 


7.05 


7.40 


4.90 


6.30 


Dec. 






4.20 


4.10 


4.70 


6.00 


4.30 


4.40 


7.50 


7.35 


5.10 


6.35 





AVERAGE PRICES OF PIGS AT CHICAGO— 


Continued. 






1913. 


1914. 


1915. 


1916. 


1917. 


1918. 


1919. 


1920. 


1921. 


1922. 


Jan. . . 


$ 6.70 


$ 7.60 


$ 6.35 


$ 6.50 


$ 9.75 


$14.30 


$14.35 








Feb. 






7.55 


8.20 


6.45 


7.25 


10.90 


14.60 


15.40 








Mar. 






8.30 


8.10 


6.20 


8.35 


12.40 


15.50 


16.80 








Apr. 






8.10 


8.10 


6.50 


8.40 


12.90 


16.15 


17.50 








May 






7.75 


8.00 


6.85 


8.75 


13.40 


16.65 


17.85 








June 






7.90 


7.70 


6.90 


8.35 


13.70 


16.30 


17.50 








July 






8.35 


8.20 


7.10 


9.25 


13.85 


17.00 


19.75 








Aug. 






7.00 


8.25 


7.35 


9.40 


14.50 


18.10 


17.50 








Sep. 






6.65 


7.90 


7.25 


9.00 


16.25 


18.25 


16.25 








Oct. 






6.50 


7.05 


7.10 


8.65 


14.40 


14.75 


13.40 








Nov. 






6.45 


6.00 


5.75 


8.15 


16.30 


14.00 


13.20 








Dec. 






6.90 


5.85 


5.65 


8.75 


14.35 


13.75 


12.50 































Jan. 


























Feb. 






1 




















Mar. 






1 




















Apr. 






1 




















May 






1 




















June 






1 




















July 






1 




















Aug. 






1 




















Sep. 






1 




















Oct. 






1 




















Nov. 






1 




















Dec. 






i 




















Totals 


1 





















Appendix 



143 







CHICAGO TOP 


HOG 


PRICES. 










1903. 


1904. 


1905. 


1906. 


1907. 


1908. 


1909. 


1910. 


1911. 


1912. 


Jan. . . . 


$ 7.10 


$ 5.20 


$ 5.00 


$ 5.72 


$ 7.05 


$ 4.72 


$ 6.70 


$ 9.05 


$ 8.30 


$ 6.70 


Feb. . . . 


7.55 


5.80 


5.12 


6.42 


7.25 


4.70 


6.95 


10.00 


7.90 


6.57 


Mar. . . . 


7.87 


5.82 


5.55 


6.55 


7.10 


6.35 


7.15 


11.20 


7.35 


7.95 


Apr. . . . 


7.65 


5.50 


5.72 


6.82 


6.90 


6.45 


7.60 


11.00 


6.90 


8.20 


Mav . . . 


7.15 


4.95 


5.65 


6.67 


6.65 


5.90 


7.55 


9.85 


6.50 


8.05 


June . . . 


6.45 


5.45 


5.70 


6.85 


6.42 


6.67 


8.20 


9.80 


6.72 


7.80 


July . . . 


6.10 


5.90 


6.17 


7.00 


6.65 


7.10 


8.45 


9.60 


7.55 


8.50 


Aug. . . . 


6.20 


5.80 


6.45 


6.75 


6.72 


7.10 


8.32 


9.70 


7.95 


9.00 


Sep. . . . 


6.45 


6.37 


6.20 


6.82 


7.00 


7.60 


8.60 


10.10 


7.80 


9.27 


Oct. . . . 


6.50 


6.30 


5.80 


6.85 


7.00 


7.20 


8.40 


9.65 


6.90 


9.42 


Nov. . . . 


5.50 


5.25 


5.25 


6.50 


6.32 


6.40 


8.45 


8.70 


6.72 


8.30 


Dec. . . . 


4.90 


4.87 


5.35 


6.55 


5.30 


6.15 


8.75 


8.10 


6.60 


7.85 


Y'rly av. 


8.62 


5.60 


5.66 


6.62 


6.70 


6.36 


7.93 


9.73 


7.27 


8.14 









CHICAGO TOP HOG PRICES— Continued. 








1913. 


1914. 


1915. 


1916. 


1917. 


1918. 


1919. 


1920. 


1921. 


1922. 


Jan. . . . 


$ 7.80 


$ 8.60 


$ 7.40 


$ 8.10 


$12.00 


$16.90 


$18.00 








Feb. 






8.70 


8.90 


7.25 


8.90 


13.55 


17.70 


18.15 








Mar. 






9.62 


9.00 


7.05 


10.10 


15.55 


18.15 


19.95 








Apr. 






9.70 


8.95 


7.90 


10.10 


16.50 


18.10 


21.15 








May 






8.85 


8.67 


7.95 


10.35 


16.65 


18.30 


21.55 








June 






9.00 


8.52 


7.95 


10.15 


16.17 


17.35 


21.60 








July 






9.62 


9.30 


8.12 


10.25 


16.30 


19.40 


23.60 








Aug. 






9.40 


10.20 


8.05 


11.55 


20.00 


20.30 


23.50 








Sep. 






9.65 


9.75 


8.50 


11.60 


19.70 


20.95 


21.00 








Oct. 






9.10 


9.05 


8.95 


10.55 


19.65 


19.95 


17.20 








Nov. 






8.30 


8.25 


7.75 


10.35 


18.10 


18.60 


15.50 








Dec. 






8.15 


7.75 


7.10 


10.80 


17.75 


18.00 


14.60 








Y'rly av. 


8.98 


8.91 


7.83 


10.23 


16.82 


18.64 


19.63 









V 

























Jan. 
























Feb. 
























Mar. 
























Apr. 
























May 
























June 
























July 
























Aug. 
























Sep. 
























Oct. 
























Nov. 
























Dec. 
























Totals 1 



















IM 



Agricultural Prices 



ST. LOUIS TOP HOG PRICES. 





1903. 


1904. 


1905, 


1906. 


1907. 


1908. 1909. 


1910. 


1911. 


1912. 


Jan. 
Feb. 
Mar. 
Apr. 
May- 
June 
July 
Aug. 
Sep. 
Oct. 
Nov. 
Dec. 






$ 7.00 
7.50 
7.75 
7.75 
7.20 

1 6.25 
6.10 
6.20 
6.35 
6.25 
5.25 
4.87 


$ 5.25 
5.80 
5.75 
5.75 
4.90 
5.50 
5.75 
5.72 
6.25 
6.30 
5.25 
4.85 


$ 5.02 
5.20 
5.50 
5.70 
5.60 
5.42 
6.10 
6.35 
6.35 
5.60 
5.15 
5.30 


$ 5.75 
6.40 
6.52 
6.75 
6.62 
6.80 
7.00 
6.75 
6.75 
6.80 
6.50 
6.50 


$ 6.87 
7.20 
7.15 
6.85 
6.65 
6.40 
6.45 
6.80 
6.85 
7.00 
6.35 
5.30 


$ 4.90|$ 6.75 
4.62 7.00 
6.20 7.15 
6.40 7.60 
5.90 7.60 
6.30 8.35 
7.00 8.50 
7.10 8.25 
7.50 8.02 
7.20 .8.50 
6.25 8.25 
6.25 8.70 


$ 9.00 

9.75 

11.07 

11.15 

9.80 

9.75 

9.70 

9.45 

10.10 

9.45 

8.90 

8.10 


$ 8.27 
8.05 
7.60 
7.20 
6.40 
6.70 
7.35 
7.92 
7.85 
6.90 
6.70 
6.65 


$ 6.50 
6.55 
8.05 
8.15 
8.10 
7.80 
8.35 
9.05 
9.30 
9.32 
8.35 
7.92 


Y'rly av. 


6.58 


5.50 


5.60| 6.59 


6.65 


6.30 


7.90 


9.68 


7.29 


8.12 



ST. LOUIS TOP HOG PRICES— Continued. 





1913. 


1914. 


1915. 


1916. 


1917. 


1918. 


1919. 


1920. 


1921. 


1922. 


Jan. 

Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

Dec. 






$ 7.70 
8.60 
9.40 
9.55 
8.85 
9.00 
9.55 
9.40 
9.50 
9.05 
8.30 
8.15 


$ 8.65 
9.00 
9.00 
9.00 
8.80 
8.55 
9.32 
10.00 
9.60 
9.00 
8.00 
7.65 


$ 7.45 
7.25 
7.45 
7.85 
7.95 
7.90 
8.25 
8.00 
8.40 
8.90 
7.70 
7.10 


$ 8.10 
8.70 
10.15 
10.05 
10.25 
10.05 
10.25 
11.30 
11.50 
10.50 
10.40 
10.80 


$12.00 
13.00 
15.50 
16.40 
16.55 
16.15 
16.00 
19.80 
19.65 
19.75 
18.05 
17.85 


$16.95 
17.60 
18.30 
18.15 
18.10 
17.35 
19.15 
20.25 
20.75 
20.05 
18.60 
18.20 


$18.20 
18.35 
20.05 
21.15 
21.20 
21.75 
23.50 
23.55 
20.50 
17.70 
15.60 
14.85 








Y'rly av. 


8.92 


8.87 


7.85 


10.17 


16.72 


18.62 


19.70 































Jan. 












" 














Feb. 


























Mar. 


























Apr. 


























May 


























June 


























July 


























Aug. 


























Sep. 


























Oct. 


























Nov. 


























Dec. 


























Totals 


1 





















Appendix 



14.5 



OMAHA TOP HOG PRICES. 





1903. 


1904. 


1905. 


1906. 


1907. 


1908. 


1909. 


1910. 


1911. 


1912. 


Jan. . . . 


$ 6.85 


$ 5.00 


$ 4.85 


$ 5.50 


$ 6.95 


$ 4.50|$ 6.25 


$ 8.70 


$ 8.10 


$ 6.40 


Feb. . 






7.20 


5.60 


5.00 


6.20 


7.05 


4.42 


6.60 


9.55 


7.57 


6.37 


Mar. . 






7.55 


5.40 


5.25 


6.37 


6.90 


5.92 


6.95 


10.85 


7.10 


7.77 


Apr. . 






7.40 


5.17 


5.40 


6.55 


6.50 


5.95 


7.30 


10.80 


6.55 


7.90 


May . 






6.95 


4.77 


5.37 


6.45 


6.50 


5.50 


7.45 


9.57 


6.10 


7.82 


June . 






6.25 


5.27 


5.35 


6.60 


6.20 


6.10 


7.85 


9.55 


6.45 


7.60 


July . 






5.65 


5.35 


5.70 


6.75 


6.30 


6.60 


8.05 


9.20 


7.00 


8.00 


Aug. . 






5.80 


5.40 


6.10 


6.45 


6.25 


6.70 


8.05 


9.35 


7.65 


8.65 


Sep. . 






6.00 


6.05 


5.75 


6.45 


6.35 


7.05 


8.30 


9.60 


7.40 


8.80 


Oct. . 






5.85 


5.85 


5.37 


6.45 


6.50 


6.85 


8.00 


9.05 


6.50 


9.00 


Nov. 






5.25 


5.00 


5.00 


6.27 


5.75 


6.05 


8.20 


8.65 


6.50 


8.00 


Dec. 






4.75 


4.65 


5.20 


6.35 


4.80 


6.00 


8.50 


7.90 


6.22 


7.75 


Y'rly av. 


6.29 


5.29 


5.36 


6.37 


6.34 


5.97 


7.62 


9.40 


6.93 


7.84 


O 


MAHA 


TOP HOG PRICl 


ES — Continued. 








1913. 


1914. 


1915. 


1916. 


1917. 


1918. 


1919. 1920. 

1 


1921. 


1922. 


Jan. . . . 


$ 7.45 


$ 8.45 


$ 7.35 


? 7.80 


$11.70 


$16.75 


$17.65 








Feb. . 




8.25 


8.60 


6.95 


8.55 


13.30 


17.30 


17.75 








Mar. . 




8.95 


8.70 


6.82 


9.65 


15.05 


17.35 


19.50 








Apr. 






9.05 


8.72 


7.50 


9.00 


16.20 


17.45 


20.85 








May 






8.65 


8.40 


7.60 


9.90 


16.20 


17.50 


20.80 








June 






8.67 


8.32 


7.60 


9.80 


15.75 


16.85 


21.10 








July 






9.15 


8.95 


7.65 


10.00 


15.65 


18.85 


22.85 








Aug. 






8.05 


9.35 


7.60 


10.85 


19.60 


19.65 


22.75 








Sep. 






8.75 


8.90 


8.15 


11.10 


19.45 


20.40 


19.25 








Oct. 






8.55 


8.25 


8.60 


10.15 


19.50 


19.40 


16.65 








Nov. 






7.85 


8.05 


7.35 


10.15 


17.90 


18.15 


15.35 








Dec. 






7.80 


7.25 


6.65 


10.35 


17.50 


17.70 


14.75 








Y'rly av. 


8.43 


8.50 


7.48 


9.77 


16.48 


18.11 


19.10 




1 


Jan. . . . 






















Feb. 


























Mar. 


























Apr. 


























May 


























June 


























July 


























Aug. 


























Sep. 


























Oct. 


























Nov. 


























Dec. 


























Totals i 





















146 



AGEICULTURAIi PrICES 
KANSAS CITY TOP HOG PRICES. 



1903. 


1904. 


1905. 


1906. 


1907. 


1908. 


1909. 


1910. 


1911. 


1912. 


Jan. . . .1$ 6.97 


$ 5.15 


S 5.00 


$ 5.60 


$ 7.00 


$ 4.65 


$ 6.45 


$ 8.75 


$ 8.10 


$ 6.45 


Feb. 






7.25 


5.60 


5.12 


6.25 


7.15 


4.58 


6.60 


9.60 


7.75 


6.40 


Mar. 






7.60 


5.52 


5.37 


6.42 


7.05 


6.25 


6.95 


10.95 


7.15 


7.90 


Apr. 






7.50 


5.35 


5.52 


6.60 


6.67 


6.20 


7.35 


10.80 


6.70 


8.05 


May 






7.00 


4.S7 


5.50 


6.50 


6.52 


5.67 


7.50 


9.67 


6.20 


7.95 


June 






6.07 


5.32 


5.50 


6.67 


6.30 


6.20 


7.95 


9.65 


6.50 


7.80 


July 






5.85 


5.70 


5.87 


6.87 


6.40 


6.95 


8.12 


9.35 


7.10 


8.20 


Aug. 






6.15 


5.50 


6.25 


6.40 


6.32 


6.95 


8.05 


9.55 


7.70 


8.82 


Sep. 






6.20 


6.07 


5.92 


6.60 


6.50 


7.20 


8.37 


9.85 


7.50 


8.90 


Oct. 






6.17 


5.97 


5.40 


6.57 


6.60 


6.85 


8.17 


9.35 


6.60 


9.05 


Nov. 






5.35 


5.25 


5.00 


6.37 


5.90 


6.20 


8.27 


8.60 


6.62 


8.00 


Dec. 






4.80 


4.70 


5.17 


6.45 


5.02 


5.97 


8.60 


7.90 


6.40 


7.90 


Y'rly av. 


6.41 


5.42 


5.47 


6.44 


6.45 


6.14 


7.70 


9.50 


7.03 


7.95 



KANSAS CITY TOP HOG PRICES— Continued. 





1913. 


1914. 


1915. 


1916. 


1917. 


1918. 


1919. 


1920. 


1921. 


1922. 


Jan. . . . 


$ 7.57 


$ 8.50 


$ 7.35 


$ 8.00 


$11.90 


$16.95 


$17.70 








Feb. 






8.50 


8.75 


7.02 


8.67 


13.45 


17.75 


18.00 








Mar. 






9.20 


8.80 


7.05 


9.80 


15.35 


17.50 


19.80 








Apr. 






9.25 


8.80 


7.65 


9.90 


16.30 


17.75 


21.00 








May 






8.77 


8.50 


7.80 


10.05 


16.45 


17.70 


21.10 








June 






8.80 


8.45 


7.85 


10.00 


15.90 


17.00 


21.35 








July 






9.25 


9.15 


7.80 


10.10 


16.10 


19.15 


23.40 








Aug. 






8.95 


9.75 


7.70 


11.10 


20.00 


20.15 


23.20 








Sep. 






9.10 


9.45 


8.25 


11.15 


19.45 


20.65 


20.10 








Oct. 






8.60 


8.37 


8.60 


10.40 


19.65 


18.45 


16.70 








Nov. 






8.00 


8.10 


7.50 


10.15 


17.85 


18.25 


15.60 








Dec. 






7.95 


7.40 


6.82 


10.60 


17.70 


17.75 


15.00 








Y'rly av. 


1 8.66 


8.67 


7.62 


9.91 


16.67 


17.42 


19.41 































Jan. 






1 




















Feb. 






1 




















Mar. 






1 




















Apr. 






1 




















May 






1 




















June 






1 




















July 






1 




















Aug. 






1 




















Sep. 






1 




















Oct. 






! 




















Nov. 






i 




















Dec. 






1 




















Totals 


1 





















Appendix 



147 



AVERAGE PRICES OF NATIVE BEEF CATTLE (900 to 1,900 POUNDS) 

AT CHICAGO. 















y. 


y 


/ 








1903. 


1904. 


1905. 


1906. 


1907. 


1908. 


1909. 


1910. 


1911. 


1912. 


Jan. . . . 


$ 4.80 


$ 4.65 


1 4.65 


$ 5.00 


$ 5.60 


% 5.30 


% 6.00 


$ 6.20 


% 6.15 


$ 6.85 


Feb. 






4.60 


4.50 


4.75 


5.05 


5.55 


5.40 


5.85 


6.35 


6.15 


6.60 


Mar. 






4.75 


4.60 


5.00 


5.15 


5.55 


6.00 


6.10 


7.35 


6.20 


7.20 


Apr. 






4.90 


4.65 


5.75 


5.05 


5.65 


6.50 


6.10 


7.55 


6.10 


7.65 


May- 






4.80 


4.85 


5.45 


5.20 


5.65 


6.60 


6.45 


7.50 


5.95 


7.95 


June 






4.90 


5.60 


5.25 


5.20 


6.20 


6.90 


6.45 


7.50 


6.05 


8.00 


July 






4.95 


5.40 


4.95 


5.40 


6.40 


6.45 


6.45 


7.10 


6.30 


7.90 


Aug. 






5.00 


5.10 


5.00 


5.45 


6.25 


6.00 


6.70 


6.85 


6.95 


8.50 


Sep. 






4.95 


5.10 


5.05 


5.50 


6.10 


5.95 


6.75 


6.80 


6.80 


8.15 


Oct. 






4.70 


5.20 


4.80 


5.60 


6.10 


5.70 


6.60 


6.60 


6.75 


7.90 


Nov. 






4.45 


4.95 


4.65 


5.60 


5.40 


5.90 


6.45 


6.20 


6.70 


8.10 


Dec. 






4.55 


4.40 


4.75 


5.50 


5.10 


6.00 


6.20 


6.00 


6.65 


7.85 



AVERAGE PRICES OF NATIVE BEEF CATTLE (900 to 1,900 POUNDS) 
AT CHICAGO— Continued. 





1913, 


1914. 


1915. 


1916. 


1917. 


1918. 


1919. 


1920. 


1921. 


1922. 


Jan. . . . 


$ 7.80 


$ 8.45 


% 8.05 


% 8.35 


$10.15 


$12.10 


$15.80 








Feb. 






8:25 


8.30 


7.50 


8.35 


10.50 


12.00 


15.95 








Mar. 






8.30 


8.35 


7.65 


8.75 


11.25 


12.60 


16.05 








Apr. 






8.15 


8.50 


7.70 


9.10 


11.75 


14.70 


15.85 








May- 






8.00 


8.40 


8.35 


9.50 


11.90 


15.40 


15.00 








June 






8.15 


8.60 


8.80 


9.85 


12.15 


15.85 


13.55 








July 






8.25 


8.80 


9.20 


9.25 


12.35 


16.05 


15.60 








Aug. 






8.30 


9.10 


9.05 


9.45 


12.70 


15.75 


16.45 








Sep. 






8.50 


9.35 


8.95 


9.40 


13.10 


16.00 


15.50 








Oct. 






8.40 


9.05 


8.80 


9.75 


11.70 


14.80 


16.15- 








Nov. 






8.25 


8.60 


8.70 


10.15 


11.10 


15.05 


15.10 








Dec. 






8.20 


8.35 


8.35 


10.00 


11.40 


14.90 


14.35 































Jan. 


























Feb. 


























Mar. 


























Apr. 






i 




















May 


























June 


























July 


























Aug. 


























Sep. 


























Oct. 


























Nov. 


























Dec. 


























Totals 1 





















148 Agricultural Prices 

AVERAGE PRICES FOR 1,200 TO 1,500-POUND STEERS AT CHICAGO. 





1903. 


1904. 


1905. 


1906. 


1907. 


1908. 


1909. 


1910. 


1911. 


1912. 


January 


$ 
4 90 


$ 
4.90 
4.75 
4.85 
4.80 
5.00 
5.95 
5.60 
5.20 
5.35 
5.60 
5.05 
4.75 


$ 
4.85 
5.05 
5.25 
5.95 
5.70 
5.50 
5.15 
5.25 
5.40 
5.05 
4.95 
5.00 


$ 
5.40 
5.40 
5.50 
5.35 
5.40 
5.35 
5.60 
5.75 
5.75 
5.90 
5.85 
5.80 


$ 
5.80 
5.60 
5.75 
5.85 
5.80 
6.40 
6.70 
6.55 
6.50 
6.30 
5.60 
5.30 


$ 
5.50 
5.50 
6.15 
6.65 
6.80 
7.05 
6.75 
6.40 
6.40 
5.90 
6.30 
6.40 


$ 
6.30 
6.10 
6.35 
6.20 
6.60 
6.65 
6.60 
6.75 
6.95 
7.00 
6.90 
6.85 


$ 
6.60 
6.85 
7.70 
7.85 
7.70 
7.60 
7.40 
7.15 
7.25 
7.00 
6.35 
6.15 


$ 
6.30 
6.30 
6.35 
6.30 
6.15 
6.25 
6.40 
7.00 
7.15 
7.35 
7.50 
7.35 


7.50 


February 

March 


4.75 
4 80 


7.40 
7.95 


April 


5,00 


8.20 


May 


4S5 


8.50 


June 


5,00 


8.70 


July 


5.00 
510 


8.85 




9.60 


September 

October 


5.15 
4 90 


9.50 
9.35 


November 

December 


4.70 
4.80 


9.50 
9.10 


Yearly aver. . . . 


4.90 


5.10 


5.30 


5.60 


6.00 


6.30 


6.60 


7.15 


6.70| 8.40 



AVERAGE PRICES FOR 1,200 TO 1,500-POUND STEERS AT CHICAGO. 

Continued. 



January . . 
February 
March . . 
April . . 
May . . . 
June . . . 
July . . . 
August . . 
September 
October . 
November 
December 



11913. 



Yearly aver. 



8.10 
8.30 
8.45 
8.35 
8.30 
8.35 
8.50 
8.55 
8.60 
8.70 
8.50 
8.40 



1914. 



8.45 
8.40 
8.50 
8.65 
8.60 
8.80 
8.95 
9.35 
9.60 
9.35 
8.95 
8.80 



8.351 8.85 



1915. 



1916. 



.05110 

:.8510 
;.75ll 



1917. 



8.751 9.90 12.55 15.50116.20 



1918. 



1919. 



16.80 
17.00 
17.20 
16.85 
16.00 
14.50 
15.90 
16.75 
15.80 
16.50 
15.40 
14.50 



1920. 



1921, 



1922. 



1 


















Jan. 




















Feb. 




















Mar. 




















Apr. 
















1 




May 




















June 




















July 




















Aug. 




















Sep. 




















Oct. 




















Nov. 




















Dec. 




















Totals 1 1 















Appendix 149 

average prices of fat cows and heifers at chicago. 





1903. 


1904. 


1905. 


1906. 


1907. 


1908. 


1909. 


1910. 


1911. 


1912. 


Jan. . . . 


$ 4.05 


$ 3.65 


$ 3.35 


$ 3.50 


$ 3.80 


$ 3.70 


$ 4.10 


$ 4.25 


$ 4.55 


$ 4.25 


Feb. 






4.00 


3.70 


3.45 


3.70 


3.75 


3.80 


4.25 


4.55 


4.50 


4.25 


Mar. 






4.05 


3.70 


3.S5 


3.85 


3.90 


4.15 


4.35 


5.30 


4.65 


5.00 


Apr. 






4.15 


3.85 


4.10 


3.85 


4.00 


4.70 


4.65 


5.90 


4.55 


5.75 


May- 






4.15 


4.00 


4.10 


3.90 


3.95 


4.90 


5.00 


5.55 


4.60 


6.20 


June 






4.15 


4.30 


3.70- 


3.65 


4.20 


4.75 


4.60 


5.15 


4.30 


5.85 


July 






3.95 


4.20 


3.50 


3.45 


4.15 


4.15 


4.40 


4.65 


4.45 


5.55 


Aug. 






4.00 


3.80 


3.40 


3.50 


3.80 


3.90 


4.10 


4.20 


4.60 


5.70 


Sep. 






3.90 


3.35 


3.35 


3.55 


3.70 


3.75 


3.90 


4.00 


4.40 


5.40 


Oct. 






3.80 


3.10 


3.30 


3.65 


3.50 


3.65 


3.85 


3.95 


4.25 


5.15 


Nov. 






3.70 


2.90 


3.50 


3.75 


3.35 


3.50 


4.00 


3.85 


4.05 


5.10 


Dec. 






3.60 


2.75 


3.60 


3.70 


3.30 


3.70 


4.00 


3.90 


4.00 


5.05 



AVERAGE PRICES OF FAT COWS AND HEIFERS AT CHICAGO. 

Continued. 





1913. 


1914. 


1915. 


1916. 


1917. 


1918. 


1919. 


1920. 


1921. 


1922. 


Jan. . . 


. $ 5.50 


$ 6.10 


$ 6.10 


$ 5.85 


$ 7.10 


$ 8.90 


$10.00 








Feb. . . 


. 5.80 


6.35 


5.65 


6.00 


7.50 


9.00 


10.60 








Mar, . . 


. 6.15 


6.25 


5.55 


6.60 


8.40 


9.75 


11.30 








Apr. . . 


. 6.25 


6.45 


5.75 


6.90 


8.90 


10.30 


11.30 








May . . 


. 6.35 


6.90 


6.40 


7.80 


9.10 


10.90 


11.25 








June . . 


. 6.20 


6.65 


6.75 


7.65 


8.60 


10.70 


10.35 








July . . 


. 6.00 


6.85 


6.55 


6.85 


8.10 


9.70 


10.10 








Aug. . . 


. 6.10 


6.90 


6.45 


6.75 


8.60 


10.00 


10.25 








Sep. . . 


. 6.25 


6.60 


6.30 


6.50 


8.40 


9.00 


9.40 








Oct. . . 


. 6.15 


6.30 


6.10 


6.25 


8.30 


8.90 


8.75 








Nov. . . 


. 5.90 


6.05 


5.65 


6.60 


8.20 


8.65 


8.40 








Dec. . . 


. 5.80 


5.90 


5.55 


6.85 


8.15 


9.25 


8.40 








Jan. . . 


i 




















Feb. . . 


,.| 




















Mar. . . 


•1 




















Apr. . . 


•1 




















May . 


J 




















June . . 


.1 




















July . 


• 1 




















Aug. . 


.1 




















Sep. . 


.1 




















Oct. . 


■ 1 




















Nov. . 


. i 




















Dec. . 


• 1 




















Totals 1 





















150 Agricultural Prices 

AVERAGE PRICES OF CANNERS AND CUTTERS AT CHICAGO. 





1903. 


1904. 


1905. 


1906. 


1907. 


1908. 


1909. 


1910. 


1911. 


1912. 


Jan. . . . 


$ 2.25 


$ 2.10 


$ 1.70 


$ 2.15 


$ 2.10 


$ 2.20 


$ 2.50 


$ 2.75 


$ 2.85 


$ 2.65 


Feb. 






2.25 


2.25 


1.90 


2.15 


2.15 


2.40 


2.65 


3.10 


3.10 


2.60 


Mar. 






2.35 


2.30 


2.05 


2.30 


2.35 


2.60 


2.70 


3.50 


3.00 


3.00 


Apr. 






2.45 


2.30 


2.25 


2.45 


2.45 


2.70 


2.85 


3.65 


3.15 


3.50 


May- 






2.30 


2.15 


2.25 


2.40 


2.40 


2.80 


3.00 


3.50 


2.90 


3.75 


June 






2.35 


2.10 


2.00 


2.15 


2.25 


2.70 


2.85 


3.40 


2.95 


3.60 


July 






2.20 


2.00 


1.80 


1.85 


2.20 


2.50 


2.75 


3.10 


2.80 


3.50 


Aug. 






2.15 


1.75 


1.70 


1.75 


2.05 


2.50 


2.65 


2.80 


2.75 


3.60 


Sep. 






2.05 


1.60 


1.90 


1.70 


2.00 


2.40 


2.65 


2.85 


2.80 


3.60 


Oct. 






2.00 


1.55 


1.90 


1.80 


1.95 


2.35 


2.65 


2.80 


2.65 


3.50 


Nov. 






1.80 


1.50 


1.85 


2.05 


1.85 


2.30 


2.70 


2.85 


2.55 


3.60 


Dec. 






1.80 


1.40 


1.90 


1.90 


1.90 


2.35 


2.75 


2.85 


2.50 


3.60 



AVERAGE PRICES OP CANNERS AND CUTTERS AT CHICAGO. 

Continued. 





1913. 


1914. 


1915. 


1916. 


1917. 


1918. 


1919. 


1920. 


1921. 


1922. 


Jan. . . 


. $ 3.90 


$ 4.25 


$ 4.25 


$ 4.00 


$ 5.45 


$ 6.95 


$ 7.25 






Feb. . . 


. 4.10 


4.50 


4.10 


4.25 


5.60 


7.15 


6.60 








Mar. . . 


. 4.35 


4.50 


3.85 


4.80 


6.35 


7.35 


6.50 








Apr. . . 


. 4.40 


4.60 


4.00 


4.95 


7.10 


7.70 


6.40 








May . . 


. 4.40 


4.75 


4.40 


5.40 


7.25 


7.80 


7.00 








June . . 


. 4.30 


4.60 


4.75 


5.35 


6.80 


7.60 


7.05 








July . . 


. 4.15 


4.50 


4.75 


5.20 


6.10 


7.25 


6.85 








Aug. . . 


. 4.20 


4.85 


4.60 


5.05 


6.40 


7.00 


6.75 








Sep. . . 


. 4.35 


4.65 


4.40 


4.75 


6.20 


6.70 


5.90 








Oct. . . 


. 4.25 


4.40 


4.25 


4.45 


6.00 


6.60 


5.85 








Nov. . . 


. 4.10 


4.55 


4.10 


4.70 


5.90 


5.75 


5.80 








Dec. . . 


. 4.05 


4.40 


3.95 


5.15 


6.05 


6.75 


5.60 









Jan. . . 






















Feb. . . 






















Mar. . . 






















Apr. . . 






















May . . 






















June . . 






















July . . 






















Aug. . . 






















Sep. . . 






















Oct. . . 






















Nov. . . 






















Dec. . . 






















Totals 























Appendix 151 

AVERAGE PRICES OF NATIVE CALVES AT CHICAGO. 





1903. 


1904. 


1905. 


1906. 


1907. 


1908. 


1909. 


1910. 


1911. 


1912. 


Jan, .. . 


. $ 7.10 


$ 5.85 


$ 6.15 


$ 7.00 


$ 7.00 


$ 6.75 


$ 7.60 


$ 8.60 


$ 8.75 


$ 8.75 


Feb. . . 


, 7.15 


6.35 


6.50 


6.40 


6.50 


6.60 


6.85 


8.65 


8.40 


7.50 


Mar. . . 


. 6.50 


5.65 


5.70 


6.25 


6.60 


6.20 


7.00 


9.00 


7.40 


8.00 


Apr. . . 


. 5.75 


4.60 


5.10 


5.60 


6.00 


5.50 


6.30 


7.85 


6.60 


7.40 


May . . 


. 5.60 


4.60 


5.25 


5.65 


6.35 


5.60 


5.60 


7.35 


7.25 


7.75 


June . . 


. 6.20 


4.90 


5.85 


5.80 


6.15 


5.80 


6.50 


7.85 


7.60 


8.00 


July . . 


. 5.65 


5.75 


5.75 


5.60 


6.40 


6.00 


7.00 


7.60 


7.40 


8.75 


Aug. . . 


. 6.40 


5.60 


5.90 


6.00 


6.35 


6.75 


7.50 


7.75 


8.00 


9.75 


Sep. . . 


. 6.65 


5.90 


6.00 


6.75 


6.50 


7.60 


7.60 


8.50 


8.75 


11.25 


Oct. . . 


. 6.40 


6.10 


6.00 


6.50 


6.00 


7.25 


8.10 


8.65 


8.60 


10.00 


Nov. . . 


. 5.75 


6.00 


6.00 


6.25 


6.25 


6.50 


8.75 


8.75 


8.35 


9.85 


Dec. . . 


. 4.95 


6.00 


6.00 


7.00 


6.00 


7.40 


8.25 


8.50 


7.85 


10.25 


AVERAGE PRICES OP NATIVE CALVES AT CHICAGO- 


-Continued. 




1913. 


1914. 


1915. 


1916. 


1917. 


1918. 1919. 


1920. 


1921. 


1922. 


Jan. . . 


. $ 9.75 


$11.00 


$ 9.85 


$10.15 


$13.40 


$15.35t$15.50 








Feb. . . 


. 9.85 


10.75 


10.35 


10.65 


12.65 


14.15- 


15.75 








Mar. . . 


. 10.50 


9.00 


10.00 


9.65 


13.40 


15.25 


16.50 








Apr. . . 


. 8.50 


8.85 


8.40 


8.75 


12.50 


14.50 


15.35 








May . . 


. 9.25 


9.50 


9.15 


10.40 


13.25 


13.50 


14.50 








June . . 


. 9.75 


9.40 


9.60 


11.25 


13.40 


15.55 


18.75 








July . . 


. 10.40 


10.60 


10.25 


11.40 


13.00 


16.70 


18.00 








Aug. . . 


. 11.50 


11.00 


11.50 


12.00 


15.15 


17.25 


19.85 








Sep. . . 


. 11.25 


11.40 


11.25 


12.40 


15.00 


18.60 


20.50 








Oct. . . 


. 10.50 


10.65 


10.85 


11.50 


14:85 


17.10 


18.10 








Nov. . . 


. 10.35 


10.35 


10.15 


11.85 


13.50 


16.80 


17.40 








Dec. . . 


. 10.75 


8.65 9.65 


11.75 


15.25 


16.50 


16.50 









Jan. . . 








1 







1 
1 








Feb. . . 






















Mar. . 




1 


















Apr. . 






















May . 






















June . 






















July . 






















Aug. . 






















Sep. . 






















Oct . 






















Nov. . 






















Dec. . 






















Totals 1 


















1 



152 Agricultukal Prices 

CHICAGO AVERAGE PRICES OF GRASS-FED WESTERN CATTLE. 



1903. 

1 


1904. 


1905. 


1906. 


1907. 


1908. 


1909. 


1910. 


1911. 


1912. 




$ 


$ 


$ 


$ 


$ 


$ 


$ 


$ 


$ 


$ 


July 


. . . 3.90 




4.20 


4.40 




4.90 


5.15 


5.60 


5.65 


7.bb 


August 


. . . 3.85 


3.80 


4.05 


4.40 


5.10 


4.80 


5.50 


5.50 


5.60 


7.60 


September . . . 


. . . 3.70 


3.85 


3.90 


4.30 


4.70 


4.70 


5.15 


5.45 


1.50 


5.70 


October .... 


. . . 3.55 


3.50 


3.70 


4.45 


4.35 


4.70 


5.20 


5.35 


5.70 


7.50 


Novembei' . . . 


. . . 3.40 


3.50 


3.55 


4.50 


4.25 


5.05 


5.35 


5.25 


5.85 


7.35 


December . . . 


. . . 3.50 


3.80 


3.75 


4.40 


4.20 


4.90 


5.20 


4.95 


5.75 


7.10 



CHICAGO AVERACxB PRICES OF GRASS-FED WESTERN CATTLE. 

Continued. 



11913. 1914. 1915.11916 



July I 7.10] 

August 7.40 

September 7.55 

October | 7.35 

November 7.40 

December 7.25 



7.85 
8.10 
7.70 
7.50 
7.35 
7.25 



8.00 
7.90 
7.80 
7.65 
7.60 
7.25 



7.85 
8.15 
8.25 
8.15 
8.80 
9.40 



1917. 



9.00 
10.00 
11.40 
10.60 



1918. 



14.60 
14.90 
14.65 
14.35 



10.2514.25 
10.0014.00 



1919. 



12.40 
12.25 
11.25 
11.25 
10.25 
10.00 



1920. 



1921. 



1922. 

























Jan. 






1 1 


















Feb. 






1 1 


















Mar. 






1 1 


















Apr. 






1 i 


















May 






1 1 


















June 






i 1 
















July 






1 1 
















Aug. 






i 1 
















Sep. 






1 1 










1 






Oct. 






1 1 
















Nov. 






1 1 










• 1 






Dec. 






1 1 










1 






Totals 1 1 








1 


1 1 







Appendix 153 

AVERAGE PRICES OF FEEDERS AND STOCKERS AT CHICAGO. 





1903. 


1904. 


1905. 


1906. 


1907. 


1908. 


1909. 


1910. 


1911. 


1912. 


Jan. ... . 


$ 3.60 


$ 3.40 


$ 3.65 


$ 3.80 


$ 4.10 


$ 3.85 


$ 4.55 


$ 4.65 


$ 5.15 


$ 4.90 


Feb. 






3.75 


3.45 


3.70 


3.90 


4.25 


4.20 


4.70 


4.85 


5.10 


5.20 


Mar. 






4.20 


3.70 


3.90 


4.00 


4.45 


4.35 


4.60 


5.50 


5.25 


5.60 


Apr. 






4.35 


3.80 


3.95 


4.00 


4.60 


4.80 


4.80 


5.60 


5.10 


6.15 


May 






4.10 


4.00 


4.20 


4.15 


4.55 


4.60 


4.85 


5.50 


4.95 


6.25 


June 






4.00 


3.95 


4.00 


3.90 


4.50 


4.40 


4.75 


4.85 


4.50 


5.85 


July 






3.70 


3.50 


3.40 


3.65 


4.20 


4.15 


4.50 


4.45 


4.35 


5.40 


Aug. 






3.45 


3.35 


3.30 


3.75 


4.00 


4.10 


4.30 


4.50 


4.45 


5.70 


Sep. 






3.25 


3.30 


3.45 


3.90 


4.05 


3.90 


4.35 


4.50 


4.55 


5.65 


Oct. 






3.20 


3.25 


3.35 


3.75 


3.85 


3.95 


4.30 


4.70 


4.40 


5.60 


Nov. 






3.10 


3.15 


3.25 


3.70 


3.80 


4.00 


4.25 


4.60 


4.50 


5.85 


Dec. 






3.05 


2.90 


3.35 


3.80 


3.75 


4.20 


4.40 


4.70 


4.60 


5.50 



AVERAGE PRICES OF FEEDERS AND STOCKERS AT CHICAGO. 

Continued. 





1913. 


1914. 


1915. 


1916. 


1917. 


1918. 


1919. 


1920. 


1921. 


1922. 


Jan. . . . 


$ 6.15 


$ 7.10 


*$6.85 


*|7.00 


$ 7.50 


$ 8.80 


$10.85 








Feb. 






7.10 


7.25 


* 7.00 


6.90 


7.75 


9.00 


11.50 








Mar. 






7.45 


7.30 


* 6.95 


7.65 


8.60 


10.25 


12.00 








Apr. 






7.50 


7.55 * 8.05 


7.80 


8.75 


10.50 


12.65 








May 






7.40 


7.80 


* 7.95 


8.16 


8.90 


10.75 


12.40 








June 






7.15 


7.35 


* 7.75 


7.90 


8.50 


10.90 


11.15 








July 






7.25 


7.20 


* 7.70 


7.00 


7.90 


10.25 


10.15 








Aug. 






7.30 


7.30 


* 7.55 


6.90 


8.35 


10.85 


10.75 








Sep. 






7.35 


7.15 


* 7.40 


6.70 


8.50 


10.90 


.9.90 








Oct. 






6.95 


6.80 


* 6.90 


6.60 


8.40 


10.25 


10.15 








Nov. 






6.75 


6.70 


* 6.75 


6.65 


8.75 


10.00 


9.75 








Dec. 






6.65 


6.70 


* 6.55 


6.95 


8.50 


10.25 


9.10 









*Interpolated from Kansas City market, on account of foot-and-mouth 
disease closing Chicago market. 























Jan. 






















Feb. 
























Mar. 
























Apr. 
























May 
























June 
























July 
























Aug. 
























Sep. 
























Oct. 
























Nov. 
























Dec. 
























Totals 





















154 Agricultural, Prices 

AVERAGE PRICES OF YEARLING SHEEP AT CHICAGO. 





1903. 


1904. 


1905. 


1906. 


1907. 


1908. 


1909. 


1910. 


1911. 


1912. 


Jan. . . . 


$ 5.05 


$ 5.10 


$ 6.35 


$ 6.20 


$ 6.05 


$ 5.60 


$ 6.10 


$ 6.75 


$ 5.15 


$ 5.50 


Feb. 






5.60 


4.95 


6.60 


6.00 


6.10 


5.70 


6.00 


7.70 


5.25 


5.25 


Mar. 






6.40 


4.95 


6.35 


5.75 


6.40 


6.50 


6.30 


8.40 


5.15 


6.00 


Apr. 






6.05 


5.25 


6.00 


6.05 


6.60 


6.25 


6.65 


8.00 


4.75 


6.70 


May- 






6.10 


5.45 


5.50 


6.15 


6.45 


5.90 


7.00 


7.25 


5.05 


6.75 


June 






5.35 


5.40 


5.40 


6.40 


6.65 


5.25 


6.40 


6.20 


4.55 


5.35 


July 






4.20 


4.80 


5.85 


6.25 


6.20 


4.85 


5.30 


5.30 


4.75 


5.30 


Aug. 






3.95 


4.25 


5.50 


5.80 


6.00 


4.50 


5.25 


5.45 


4.65 


5.00 


Sep. 






3.85 


4.05 


5.40 


5.75 


5.80 


4.35 


5.25 


5.40 


4.25 


5.25 


Oct. 






4.00 


4.25 


5.60 


5.75 


5.60 


4.70 


5.30 


5.00 


4.25 


5.00 


Nov. 






4.00 


4.90 


5.75 


6.05 


5.00 


4.80 


6.00 


4.90 


4.30 


5:20 


Dec. 






4.10 


5.40 


6.20 


6.00 


4.80 


5.10 


6.60 


5.10 


4.501 6.25 



AVERAGE PRICES OP YEARLING SHEEP AT CHICAGO— Continued. 



Jan. 

Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

Dec. 



1913. 



1914. 



7.10 
7.25 
7.50 
7.35 
6.60 
6.00 
6.10 
5.50 
5.25 
5.35 
5.75 
6.25 



6.15 
6.50 
6.50 
6.60 
6.50 
6.50 
6.70 
6.50 
6.30 
6.25 
7.00 
6.90 



1915. 



7.25 
7.65 
8.40 
8.85 
8.25 
7.00 
7.00 
6.75 
6.75 
6.85 
7.05 
7.70 



1916. 



; 9>20 
9.50 
9.75 
9.50 

10.25 
8.50 
8.60 
8.20 
8.65 
8.50 
9.65 

10.90 



1917. 



$12 
13 
13 
12 
14 
11 
12 
12 
13 
13 
13 
13 



1918. 



$14 
14 
15 
16 
15 
13 
15 
14 
13 
11 
11 
11 



1919. 



$13.50 
15.00 
17.05 
15.95 
13.15 
10.95 
11.80 
11.75 
10.70 
10.80 
10.90 
14.00 



1920. 



1921. 



1922. 



Jan. 
Feb. 
Mar. 
Apr. 

May_ 
June 
July 
Aug. 
Sep. 

OctT" 

Nov. 
Dec. 



Totals 



Appendix 155 

CHICAGO AVERAGE PRICES OF NATIVE LAMBS. 





1903. 


1904. 


1905. 


1906. 


1907. 


1908. 


1909. 


1910. 


1911. 


1912. 


January ....... 


$ 
5 40 


$ 
5.40 
5.25 
5.15 
5.30 
5.60 
5.55 
5.90 
5.40 
5.10 
5.05 
5.55 
6.20 


$ 
7.10 
7.30 
7.00 
6.20 
6.00 
5.75 
6.00 
7.10 
7.00 
7.25 
7.00 
7.25 


$ 
7.25 
6.80 
6.40 
6.20 
6.40 
6.70 
6.60 
7.00 
7.00 
6.90 
7.00 
7.15 


$ 
7.25 
7.20 
7.45 
7.95 
7.80 
7.10 
7.05 
6.90 
6.90 
6.80 
6.00 
5.65 


$ 
6.70 
6.60 
7.10 
7.10 
6.40 
5.40 
6.00 
5.95 
5.25 
5.40 
5.75 
6.60 


$ 
7.25 
7.40 
7.50 
7.75 
7.80 
7.30 
7.40 
7.25 
6.70 
6.40 
7.15 
7.60 


$ 
8.20 
8.50 
9.30 
9.00 
8.15 
7.35 
6.80 
6.40 
6.40 
6.55 
6.15 
6.00 


$ 
6.00 
5.80 
5.75 
5.20 
5.60 
5.75 
5.90 
6.00 
5.40 
5.50 
5.35 
5.60 


6.35 


February 

March. 


6.00 
6 45 


6.00 
7.00 


April 


5 85 


7.50 


]V[ay 


5 95 


7.85 


June 


5.75 
5 35 


6.60 


July 


7.15 


August 

September 

October 


4.85 
4.80 
4 80 


6.75 
6.75 
6.50 


November 

December 


4.80 
5.00 


6.90 
7.50 



CHICAGO AVERAGE PRICES OF NATIVE LAMBS— Continued. 



January . 
February 
March . . 
April . . 
May . . . 
June . . . 
July . . . 
August . . 
September 
October . 
November 
December 



1913. 



8.35 
8.25 
8.35 
8.10 
7.00 
6.50 
7.40 
7.25 
7.05 
6.95 
7.10 
7.40 



1914. 



7.75 
7.40 
7.40 
7.10 
7.50 
7.75 
8.25 
7.90 
7.50 
7.60 
8.70 
8.15 



1915. 



1916. 



10.00 
10.25 
10.40 

9.75 
10.00 

9.15 
10.35 
10.40 
10.25 
10.00 
11.15 
12.60 



1917. 



13.75 
14.05 
13.90 
14.00 
15.50 
15.00 



15.70T18 



15.35 
17.35 
17.25 
16.60 
16.35 



1918. 



1919. 



80 
25] 
10 
60 
25 
65 
35 
25 
85 
15 
90 
.50 



15.95 
17.00 
18.70 
17.40 
15.10 
13.70 
16.85 
16.60 
14.70 
14.85 
14.25 
16.00 



1920. 



1921, 



1922. 

























Jan. 
























Feb. 


















j 






Mar. 
























Apr. 






1 


















May 
























June 
























July 
























Aug. 








1 














Sep. 








1 














Oct. 






















Nov. 






















Dec. 






















Totals i 


1 















156 Ageicultukal Prices 

CHICAGO AVERAGE PRICES OF NATIVE SHEEP. 



January 


1903. 

$ 
4 00 


1904. 

$ 
3.85 
3.85 
4.30 
4.70 
4.90 
4.30 
3.80 
3.60 
3.50 
3.60 
4.05 
4.50 


1905. 

$ 
5.10 
5.50 
5.50 
4.95 
4.60 
4.70 
5.10 
5.00 
4.75 
5.20 
5.20 
5.25 


1906. 

$ 
5.35 
5.00 
5.20 
5.35 
5.45 
5.30 
5.15 
4.90 
5.10 
4.80 
5.00 
5.00 


1907. 

$ 
5.10 
5.15 
5.35 
5.45 
5.70 
5.80 
5.25 
5.25 
5.15 
4.75 
4.40 
4.10 


1908. 

$ 
4.75 
4.90 
5.75 
5.65 
5.40 
4.80 
4.10 
3.90 
3.65 
4.05 
4.20 
4.30 


1909. 

$ 
4.85 
4.85 
5.30 
5.50 
5.90 
5.25 
4.65 
4.40 
4.55 
4.40 
4.50 
4.90 


1910. 

1 
5.50 
6.10 
7.15 
7.10 
6.40 
5.00 
3.95 
4.00 
4.20 
4.00 
3.75 
3.85 


1911. 

$ 
3.95 
4.10 
4.65 
4.05 
4.35 
.3.65 
3.75 
3.30 
3.75 
3.55 
3.25 
3.40 


1912. 

$ ■ 
4.15 


February 

March 


4.55 

5?,5 


4.10 
5.20 


April 


4.80 


5.75 


May 


4.60 


6.00 


June 


3 95 


4 35 


July 


3.40 
3.15 
3.10 
3.10 


4.00 


August 

September ...... 

October 


3.85. 
3.90 
3.75- 


November 

December ...... 


3.05 
3.15 


3.85 
4.35" 



CHICAGO AVERAGE PRICES OP NATIVE SHEEP— Continued. 



1913. 



1914. 



1915. 



1916. 



1917. 



1918. 



1919. 



1920. 



1921, 



1922. 



January . 
February 
March . . 
April . . 
May , . . 
June . . . 
July . . . 
August . . 
September 
October . 
November 
December 



5.25 
5.75 
6.25 
6.35 
5.75 
4:85 
4.35 
4.25 
4.15 
4.40 
4.50 
4.80 



5.10 
5.55 
5.80 
6.00 
5.50 
5.00 
5.20 
5.25 
5.15 
5.20 
5.50 
5.35 



5.65 
6.35 
7.30 
7.60 
7.15 
5.40 
5.90 
6:10 
5.60 
5.85 
5.70 
6.10 



7.10 
7.60 
8.35 
8.25 
8.15 
7.25 
7.15 
7.15 
7.50 
7.40 
7.80 
8.90 



10.25 

11.20 

13.90 

14.30 

11.90 

9.15 

9.30 

9.20 

7.75 

7.60 

8.10 

9.40 



























Jan. 
























Feb. 
























Mar. 
























Apr. 
























May 
























June 
























July 
























Aug. 
























Sep. 
























Oct. 
























Nov. 
























Dec. 
















1 






Totals 1 










i 







Appendix 157 

CHICAGO AVERAGE PRICES OF WESTERN LAMBS. 





1903. 


1904. 


1905. 


1906. 


1307. 


1908. 


1909. 


1910. 


1911. 


1912. 


January 


$ 
5 60 


$ 
5.70 
5.55 
5.45 
5.90 
5.85 
5.65 
6.40 
5.45 
5.15 
5.20 
5.45 
6.20 


$ 
5.25 
7.50 
7.10 
6.95 
6.40 
6.00 
6.35 
7.05 
7.00 
7.00 
6.85 
7.25 


$ 
7.30 
6.75 
6.35 
6.35 
6.60 
6.80 
6.85 
7.20 
7.20 
7.05 
6.90 
7.10 


7.30 
7.30 
7.60 
8.05 
7.80 
7.20 
7.05 
6.90 
6.90 
6.80 
6.05 
5.70 


$ 
6.80 
6.75 
7.40 
7.35 
6.85 
5.80 
6.40 
6.20 
5.40 
5.65 
5.90 
6.75 


$ 
7.40 
7.55 
7.70 
8.10 
8.40 
7.75 
7.80 
7.40 
6.85 
6.55 
6.90 
7.50 


$ 
8.40 
8.75 
9.50 
9.15 
8.50 
7.65 
7.15 
6.80 
6.85 
6.70 
6.30 
6.20 


6.25 
6.10 
6.15 
5.60 
5.95 
6.30 
6.40 
6.50 
5.80 
5.80 
5.50 
5.85 


6.55 


February 

March 


6.20 
6 70 


6.25 
7.50 


April 


6.40 


8,10 


May 


6.35 


8.60 


June 


5 30 


7,30 


July 


5.20 


7,45 


August . 

September 

October 


4.90 

4.85 
4.75 


7.25 
7.15 
6.90 


November 

December 


4.50 
4.65 


7.25 
7.90 



CHICAGO AVERAGE PRICES OP WESTERN LAMBS— Continued. 



1913. 



1914.11915. 



1916. 



1917. 



1918. 



1919, 



1920. 



1921. 



1922. 



January . , 
February 
March . . 
April . . 
May . . . 
June . . . 
July . . . 
August . . 
September 
October . 
November 
December , 



8.70 
8.65 
8.70 
8.50 
7.65 
7.00 
7.70 
7.60 
7.30 
7.15 
7.40 
7.70 



8.00 
7.70 
7.85 
7.90 
8.50 
8.10 
8.65 
8.25 
7.30 
7.65 
8.80 
8.40 



8.50 
8.80 
9.65 
9.75 
10.35 
9.30 
8.90 
9.00 
8.90 
8.80 
8.90 
9.15 



10.50 
10.35 
11.15 
10.50 
11.00 
9.75 
10.65 
10.90 
10.80 
10.25 
11.50 
12.85 



14.00 
14.00 
14.35 
14.50 
17.25 
15.50 
15.60 
15.85 
17.65 
17.50 
16.85 
16.55 



17.35 
16.75 
17.90 
19.60 
18.35 
17.00 
18-.60 
17.85 
17.40 
15.50 
15.20 
14.75 



16.55 
17.80 
19.40 
18.20 
16.40 
14.40 
17.15 
16.90 
14.90 
15.15 
14.75 
16.70 



























Jan. 






















Feb. 






















Mar. 






















Apr. 






















May 






















June 






















July 






















Aug. 






















Sep. 






















Oct. 






















Nov. 






















Dec. 






















Totals 



















158 Ageiculturai. Prices 

CHICAGO AVERAGE PRICES OF WESTERN SHEEP. 





1903. 


1904. 


1905. 


1906. 


1907. 


1908. 


1909. 


1910. 


1911. 


1912. 


January 


$ 
4 35 


$ 
4.05 
4.25 
4.70 
5.25 
5.30 
4.60 
3.90 
3.70 
3.50 
3.70 
4.10 
4.65 


$ 
5.20 
5.60 
5.50 
5.20 
4.90 
4.75 
5.10 
4.90 
4.70 
5.00 
5.00 
5.25 


$ 
5.45 
5.25 
5.35 
5.35 
5.65 
5.60 
5.35 
5.05 
5.20 
5.00 
5.10 
5.15 


$ 
5.20 
5.25 
5.65 
5.85 
5.85 
6.00 
5.40 
5.40 
5.20 
4.90 
4.35 
4.25 


4.90 
5.10 
5.90 
5.70 
5.10 
4.60 
4.10 
4.10 
3.80 
4.10 
4.10 
4.35 


$ 
4.95 
5.00 
5.25 
5.70 
6.20 
5.30 
4.70 
4.60 
4.75 
4.30 
4.55 
4.95 


$ 
5.65 
6.75 
7.65 
7.65 
6.70 
5.15 
4.30 
4.25 
4.25 
3.90 
3.70 
4.00 


$ 
4.10 
4.25 
4.75 
4.25 
4.50 
4.00 
4.05 
3.60 
3.90 
3.70 
3.50 
3.60 


$ 
4.40 


February 

March. 


4.75 
5 55 


4.25 
5.40 


April 


5 30 


6.00 


May 


5 05 


6.20 


June 


4 45 


4.70 


July 


3.55 
3.30 
3.25 
3 35 


4.50 


August 

September 

October 


4.20 
4.30 
4.10 


November 

December ...... 


3.05 
3.25 


4.15 

4.55 



CHICAGO AVERAGE PRICES OP WESTERN SHEEP— Continued. 



1913. 1914. 1915. 1916. 1917. 1918. 1919. 1920. 1921. 1922 



January . . 
February 
March . . 
April . . 
May . . . 
June . . . 
July . . . 
August . . 
September 
October . 
November 
December , 



5.45 
6.00 
6.50 
6.60 
6.00 
5.15 
4.65 
4.45 
4.35 
4.60 
4.65 
5.10 



5.60 
5.80 
6.10 
6.35 
5.75 
5.50 
5.70 
5.75 
5.40 
5.40 
5.75 
5.60 



6.00 
6.55 
7.55 
7.90 
7.55 
5.65 
6.20 
6.30 
5.90 
6.20 
5.95 
6.35 



7.40 
7.80 
8.15 
8.15 
8.25 
7.40 
7.50 
7.60 
8.00 
7.60 
8.10 
9.10 



10.25 
11.35 
11.85 
12.15 
12.75 
10.15 
9.60 
9.50 
11.50 
11.90 
11.40 
11.40 



12.25 
12.45 
13.50 
15.85 
14.90 
13.60 
12.90 
13.25 
11.85 
10.55 
9.90 
9.60 



10.45 

11.50 

14.15 

14.70 

12.60 

9.45 

10.10 

10.25 

8.85 

8.70 

8.60 

9.80 



























Jan. 








1 
1 




! 








Feb. 












1 








Mar. 












1 








Apr. 




















May 




















June 




















July 






1 1 1 












Aug. 






1 1 ! 




1 








Sep. 






1 1 1 












Oct. 






1 i 1 












Nov. 






1 1 1 




1 ■ 1 ! 






Dec. 






1 1 1 1 


1 1 1 






Tota 


Is 1 1 1 1 


1 1 ! 







Appendix 159 

AVERAGE PRICES OF SHORT-RIB SIDES AT CHICAGO. 



1903. 



1904. 



1905. 



1906. 



1907. 



1908. 



1909. 



1910. 



1911. 



1912. 



Jan. 

Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

Dec. 



8.78 
9.35 
9.70 
9.63 
9.30 
8.98 
8.20 
7.50 
8.25 
8.13 
7.00 
6.31 



6.44 
7.13 
6.94 
6.44 
6.38 
7.06 
7.37 
7.41 
7.56 
7.56 
6.88 
6.44 



6.44 
6.63 
6.78 
6.94 
7.06 
7.56 
7.80 
8.50 
8.58 
8.00 
7.15 
7.04 



7.33 

7.75 
8.35 
8.63 



9.00 
9.31 
8.69 
8.48 
8.75 



9.23 


8.50 


9.30 


8.56 


8.90 


8.61 


8.83 


8.30 


8.63 


8.06 


8.38 


7.95 


8.43 


7.00 



6.14 
6.06 
6.56 
6.75 
7.00 
7.62 
8.56 
8.75 
9.50 
9.06 
8.62 
8.19 



; 8.37 

8.56 

8.81 

9.30 

10.08 

10.80 

11.19 

11.30 

11.80 

11.10 

11.31 

12.29 



$11.11 
12.12 
13.16 
12.62 
12.06 
13.00 
12.37 
11.81 
11.50 
10.88 
9.94 
9.88 



$10.31 
9.69 
8.75 
8.00 
7.69 
7.94 
8.12 
8.56 
8.63 
8.31 
8.19 
8.19 



5 8.06 

8.06 

8.69 

9.63 

10.06 

10.19 

10.25 

10.62 

10.62 

10.63 

10.62 

9.88 



AVERAGE PRICES OF SHORT-RIB SIDES AT CHICAGO— Continued. 



Jan. 

Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

Dec. 







1913. 


1914. 


1915. 


1916. 


1917. 


1918. 


1919. 


1920. 


1921. 




$ 9.75 


$10.94 


$ 9.75 


$10.31 


$14.44 


$23.60 


$23.37 










10.25 


11.13 


9.50 


10.69 


15.94 


24.68 


23.25 










10.81 


11.06 


9.25 


11.56 


17.50 


24.43 


25.62 










11.25 


10.81 


9.63 


12.25 


19.38 


23.21 


27.69 










11.94 


11.06 


10.12 


12.56 


20.50 


22.25 


29.10 










11.88 


11.44 


10.00 


12.94 


20.50 


22.60" 


28.50 










11.81 


11.94 


9.62 


13.56 


21.55 


23.95 


28.69 










11.25 


12.13 


8.62 


13.93 


22.86 


24.44 


24.75 










11.38 


11.88 


8.38 


14.50 


25.19 


23.93 


20.75 










10.94 


10.69 


9.75 


14.18 


27.00 


21.98 


18.62 










10.81 


10.13 


10.00 


14.31 


26.88 


24.75 


19.50 










10.94 


9.81 


9.88 


13.50 


25.50 


25.87 


18.87 







1922. 



























Jan. 


























Feb. 


























Mar. 


























Apr. 


























May 


























June 


























July 


























Aug. 


























Sep. 


























Oct. 


























Nov. 


























Dec. 


























Totals 























160 



Agricultural Prices 
AVERAGE PRICES OF LARD AT CHICAGO. 





1903. 


1904. 


1905. 


1906. 


1907. 


1908. 


1909. 


1910. 


1911. 


1912. 


Jan. . . . 


$ 9.95 


§ 6.92 


$ 6.73 


$ 7.47 


$ 9.40 


$ 7.76 


$ 9.58 


$12.25 


$10.25 


$ 9.25 


Feb. 






9.53 


7.49 


6.76 


7.63 


9.72 


7.22 


9.50 


12.59 


9.44 


8.90 


Mar. 






9.95 


7.06 


6.94 


8.04 


9.02 


7.93 


9.98 


14.00 


8.70 


9.35 


Apr. 






9.60 


6.70 


7.13 


8.55 


8.73 


8.14 


10.19 


13.00 


7.84 


10.36 


May 






8.99 


6.38 


7.14 


8.56 


9.00 


8.38 


10.61 


12.78 


8.06 


10.64 


June 






8.49 


6.69 


7.25 


8.67 


8.79 


8.83 


11.51 


12.16 


8.15 


10.77 


July 






7.92 


7.01 


7.12 


8.86 


8.95 


9.34 


11.36 


11.91 


8.36 


10.56 


Aug. 






8.06 


6.81 


7.68 


8.70 


8.95 


9.34 


11.71 


11.81 


8.96 


10.80 


Sep. 






9.35 


7.25 


7.57 


8.76 


8.96 


9.94 


12.26 


12.40 


9.27 


11.02 


Oct. 






7.16 


7.42 


7.14 


9.31 


8.89 


9.78 


12.33 


12.83 


8.91 


11.34 


Nov. 






6.73 


7.04 


7.14 


9.44 


8.06 


9.35 


13.03 


10.79 


9.10 


11.05 


Dec. 






6.59 


6.86 


7.49 


8.98 


7.95 


8.31 


13.03 


10.35 


8.99 


10.39 



AVERAGE PRICES OF LARD AT CHICAGO— Continued. 



1913. 



1914. 1915. 1916. 



1917. 



1918. 



1919. 



1920. 



1921. 



1922. 



Jan. 

Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

Dec. 



5 9.89 
10.42 
10.63 
10.96 
11.06 
11.04 
11.51 
11.24 
11.15 
10.64 
10.72 
10.64 



$10.90 

10.56 

10.50 

10.16 

9.85 

9.91 

9.94 

9.43 

9.65 

10.09 

10.83 

9.99 



$10. 
10, 
9. 
9, 
9, 
9. 



$10.40 
9.95 
10.86 
11.99 
12.83 
12.71 
12.95 
13.40 
14.46 
15.74 
16.98 
16.00 



$15.75 
17.09 
19.38 
21.13 
21.92 
21.19 
20.68 
22.27 
24.23 
23.98 
26.64 
24.70 



$24.45 
26.02 
25.91 
25.23 
24.66 
24.62 
26.17 
26.65 
26.89 
26.07 
26.78 
25.07 



$23.12 
24.15 
27.05 
30.78 
31.51 
34.68 
33.99 
30.42 
26.03 
28.16 
25.43 
23.06 

























Jan. 






1 1 1 
















Feb. 






1 1 1 
















Mar. 






1 1 1 
















Apr. 






1 1 1 
















May 






! 1 1 
















June 






1 1 1 
















July 






i 1 1 
















Aug. 






1 1 1 
















Sep. 






1 1 1 
















Oct. 






1 i ! 
















Nov. 






1 1 ' 
















Dec. 






1 1 ! 
















Totals 1 1 1 

















Appendix 161 

AVERAGE PRICES OF ELGIN AND CHICAGO BUTTER EXTRAS. 





1903. 


1904. 


1905. 


1906. 


1907. 


1908. 


1909. 


1910. 


1911. 


1912. 


Jan. . . . 


$ .273 


? .230 


$ .293 


$ .270 


$ .306 


$ .305 


$ .310 


$ .340 


$ .270 


$ .370 


Feb. . . . 


.258 


.251 


.325 


.278 


.328 


.326 


.300 


.300 


.260 


.300 


Mar. . . . 


.281 


.245 


.273 


.270 


.308 


.295 


.290 


.320 


.250 


.300 


Apr. . . . 


.259 


.238 


.291 


.220 


.300 


.286 


.280 


.310 


.210 


.310 


May . . . 


.208 


.197 


.227 


.198 


.238 


.238 


.250 


.280 


.220 


.280 


June . . . 


.211 


.175 


.200 


.199 


.231 


.230 


.260 


.270 


.220 


.250 


July . . . 


.196 


.171 


.200 


.203 


.245 


.220 


.260 


.280 


.250 


.250 


Aug. . . . 


.190 


.179 


.209 


.225 


.249 


.224 


.270 


.290 


.260 


.250 


Sep. . . . 


.206 


.194 


.209 


.244 


.281 


.239 


.300 


.300 


.260 


.300 


Oct. . . . 


.208 


.211 


.218 


.257 


.289 


.275 


.300 


.290 


.290 


.290 


Nov. . . . 


.230 


.250 


.235 


.275 


.263 


.294 


.310 


.310 


.330 


.330 


Dec. . . . 


.245 


.269 


.248 


.311 


.283 


.308 


.350 


.300 


.360 


.350 



AVERAGE PRICE OF ELGIN AND CHICAGO BUTTER EXTRAS. 

Continued. 
(Since February, 1918, Chicago price has been used.) 



1913. 



1914. 



1915. 



1916. 



1917. 



1918. 



1919. 



1920. 



1921. 



1922. 



Jan. 

Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

Dec. 



$ .330 
.340 
.350 
.320 
.280 
.280 
.260 
.260 
.310 
.300 
.320 
.340 



.320 
.280 
.270 
.240 
.260 
.270 
.270 
.290 
.290 
.300 
.330 
.330 



.310 
.300 
.280 
.300 
.270 
.270 
.260 
.250 
.250 
.280 
.310 
.330 



.310 
.320 
.360 
.340 
.290 
.290 
.280 
.300 
.330 
.350 
.390 
.390 



.380 
.410 
.410 
.430 
.390 
.380 
.380 
.400 
.430 
.430 
.440 
.480 



.490 
.490 
.430 
420 
.420 
.420 
.430 
.450 
.550 
.560 
.630 
.670 



.540 
.500 
.580 
.620 
.570 
.510 
.510 
.530 
.570 
.640 
.690 
.680 























Jan. 


















1 1 


Feb. 


















1 1 
1 1 


P-Iar. 






















Apr. 






















May 






















June 






















July 






















Aug. 






















Sep. 






















Oct. 






















Nov. 






















Dec. 






















Totals 



















162 



Agricultural Prices 



MILK PRICES IN ELGIN-CHICAGO DISTRICT. 

(Prices per cwt. of 3% per cent milk.) 





1903. 


1904. 


1905. 


1906. 


1907. 


1908. 


1909. 


1910. 


1911. 


1912. 


Jan. . . 


. $ 1.45 


? 1.55 


$ 1.50 


$ 1.45 


$ 1.55 


$ 1.65 


$ 1.55 


$ 1.75 


1 2.00 


$ 1.85 


Feb. . . 


. 1.45 


1.50 


1.40 


1.40 


1.45 


1.65 


1.55 


1.70 


1.90 


1.80 


Mar. . . 


. 1.35 


1.40 


1.30 


1.30 


1.35 


1.55 


1.45 


1.55 


1.70 


1.65 


Apr. . . 


. 1.20 


1.20 


1.20 


1.20 


1.30 


1.35 


1.40 


1.45 


1.30 


1.30 


May . . 


.95 


.90 


.90 


.90 


1.00 


1.05 


1.10 


1.20 


1.10 


1.05 


June . . 


.85 


.80 


.80 


.80 


.90 


.95 


.95 


1.05 


1.00 


1.00 


July . . 


.95 


.90 


.90 


.90 


1.00 


1.05 


1.05 


1.20 


1.30 


L30 


Aug. . . 


. 1.10 


1.10 


1.10 


1.10 


1.20 


1.25 


1.25 


1.45 


1.45 


L45 


Sep. . . 


. 1.20 


1.20 


1.20 


1.20 


1.30 


1.35 


1.35 


1.60 


1.45 


1.50 


Oct. . . 


. 1.35 


1.30 


1.35 


1.35 


1.55 


1.45 


1.55 


1.70 


1.70 


1.60 


Nov. . . 


. 1.45 


1.40 


1.45 


1.45 


1.65 


1.55 


1.70 


1.90 


1.85 


1.75 


Dec. . . 


. 1.55 


1.50 


1.55 


1.55 


1.65 


1.55 


1.75 


2.00 


1.90 


L80f 


PRICES OF MILK IN ELGIN-CHICAGO DISTRICT— Continued. 


(Price 


s per cwt. of 3% per cent milk.) 




1913. 


1914. 


1915. 


1916. 


1917. 


1918. 


1919. 


1920. 


1921. 


1922. 


Jan. . . 


. $ 1.75 


$ 2.00 


$ 1.95 


$ 1.64 


$ 2.05 


$ 3.22 


$ 3.76 








Feb. , . 


. 1.70 


1.85 


1.85 


1.54 


2.00 


3.07 


3.50 








Mar. . . 


. 1.60 


1.75 


1.75 


1.43 


1.85 


2.90 


3.10 








Apr. . . 


. 1.61 


1.60 


1.45 


1.65 


2.40 


, 2.65 


2.80 








May . . 


. 1.36 


1.40 


1.20 


1.45 


2.00 


2.05 


2.50 








June . . 


. 1.25 


1.25 


1.10 


1.25 


1.60 


1.80 


2.50 








July . . 


. 1.46 


1.50 


1.30 


1.55 


2.12 


2.30 


3.00 








Aug. . . 


. 1.61 


1.60 


1.55 


1.70 


2.30 


2.75 


3.50 








Sep. . . 


. 1.55 


1.60 


1.55 


1.70 


2.30 


2.92 


3.55 








Oct. . . 


. 1.65 


1.90 


1.53 


1.90 


3.42 


3.32 


3.63 








Nov. . . 


. 1.75 


2.00 


1.65 


2.10 


3.22 


3.68 


3.60 








Dec. . . 


. 1.85 


2.00 


1.65 


2.10 


3.22 


3.77 


3.65 








Jan. . . 


























Feb. . . 






















Mar. . . 






















Apr. . . 






















May . . 






















June . . 






















July . . 






















Aug. . . 






















Sep. . . 






















Oct. . . 






















Nov. . . 






















Dec. . . 






















Totals 























Appendix 



163 



AVERAGE PRICES OF DRAFT HORSES AT OMAHA AND 
CHICAGO MARKETS.* 



1903. 



1904. 



1905. 



1906. 



1907. 



1908. 



1909. 



1910. 



1911. 



1912. 



January . . . 
February . . 
March .... 
April .... 

May 

June 

July 

August .... 
September . . 
October . . . 
November . . 
December . . 
Yearly aver. 



^33 
140 
150 
175 
180 
145 
133 
133 
133 
140 
125 
143 



148 
148 
163 
208 
193 
163 
148 
148 
163 
183 
178 



$175 
175 
175 
188 
181 
163 
165 
165 
170 
200 
200 
200 



$183 
183 
195 
208 
238 
205 
175 
178 
178 
195 
200 
200 



$230 
243 
250 
268 
300 
280 
263 
233 
213 
200 
220 
200 



1441 169 180 195 241 180 194 200 205 210 



AVERAGE PRICES OF DRAFT HORSES AT OMAHA AND 
CHICAGO MARKETS*— Continued. 



1913. 



1914. 



1915. 



1916. 



1917. 



1918. 



1919, 



1920. 



1921. 



1922. 



January . 
February 
March . . 
April . , 
May . . . 
June . . . 
July . . . 
August . . 
September 
October . 
November 
December 



Yearly aver. 



213 208 203 210 215 210 215 



*Omaha prices, 1903 to 1907, inclusive; Chicago prices after 1907. 



MONTHLY PRICES OF HORSES ON THE FARMS OF THE 
UNITED STATES. 



1911. 


1912. 


1913. 


1914. 


1915. 


1916. 


1917. 


1918. 


1919. 


$143 


$134 


$140 


$137 


$130 


$128 


$129 


$130 


$120 


144 


137 


146 


139 


132 


129 


131 


133 


121 


145 


140 


146 


138 


132 


131 


133 


137 


124 


147 


142 


148 


138 


132 


133 


136 


137 


127 


146 


144 


145 


139 


133 


134 


138 


136 


129 


145 


147 


146 


136 


132 


132 


137 


135 


127 


139 


142 


143 


137 


134 


133 


135 


132 


127 


141 


142 


141 


135 


131 


131 


132 


131 


125 


139 


141 


141 


132 


131 


131 


132 


128 


119 


137 


140 


138 


131 


129 


130 


130 


126 


114 


136 


140 


136 


130 


127 


129 


129 


122 


113 


134 


139 


135 


130 


126 


129 


129 


121 


113 



1920. 



January . 
February 
March . . 
April . . 
May . . . 
June . . . 
July . . . 
August . . 
September 
October . 
November 
December 



164 



Agricultural Prices 



MONTHLY HOG RECEIPTS AT ELEVEN MARKETS. 

(Chicago, Kansas City, Omaha, St. Louis, St. Joseph, Sioux City, St, Paul, 

Indianapolis, Cleveland, Buffalo and Pittsburgh.) 

(000 omitted.) 





1903. 


1904. 


1905. 


1906. 


1907. 


1908. 


1909. 


1910. 


1911. 


1912. 


Jan. 

Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

Dec. 






















2,036 
1,923 
2,169 
1,876 
2,266 
2,416 
1,855 
1,600 
1,560 
2,021 
2,632 
2,445 


3,084 
2,631 
2,165 
1,969 
2,133 
2,082 
1,840 
1,462 
1,343 
1,875 
2,107 
2,404 


Totals 


20,550 


21,920 


23,845 


23,049 


24,136 


27,826 


22,820 


19,523 


24,859 


25,095 



MONTHLY HOG RECEIPTS AT ELEVEN MARKETS— Continued. 

(Chi'cago, Kansas City, Omaha, St. Louis, St. Joseph, Sioux City, St. Paul, 

Indianapolis, Cleveland, Buffalo and Pittsburgh.) 

(000 omitted.) 





1913. 


1914. 


1915. 


1916. 


1917. 


1918. 


1919. 


1920. 


1921. 


1922. 


Jan. . 




2,632 


2,479 


2,915 


3,847 


3,587 


3,025 


4,100 


3,670 






Feb. . 




2,027 


2,030 


2,651 


3,104 


2,656 


3,173 


3,160 


2,324 






Mar. . 




1,775 


1,897 


2,439 


2,252 


2,189 


3,115 


2,560 








Apr. . 




1,843 


1,644 


1,816 


2,412 


1,982 


2,715 


2,504 








May . 




2,105 


1,859 


1,961 


2,395 


2,265 


2,433 


2,739 








June . 




2,225 


2,184 


2,234 


2,297 


2,069 


2,159 


2,840 








July . 




1,959 


1,722 


1,837 


1,884 


1,991 


2,272 


2,251 








Aug. . 




1,771 


1,491 


1,605 


2,157 


1,333 


1,718 


1,493 








Sep. . 




1,753 


1,436 


1,363 


1,609 


1,035 


1,566 


1,555 








Oct. . 




2,032 


1,943 


1,624 


2,462 


1,721 


2,333 


1,992 








Nov. . 




2,248 


1,995 


2,600 


3,575 


2,547 


3,240 


2,559 








Dec. . 




2,815 


2,838 


3,567 


3,712 


2,711 


4,082 


3,551 








Totals 


25,185 


23,518 


26,612 


31,706 


26,086 


31,831 


31,314 








Jan. . 
























Feb. . 






















Mar. . 






















Apr. . 






















May . 






















June . 






















July . 






















Aug. . 






















Sep. . 






















Oct. . 






















Nov. . 






















Dec. . 






















Totals 




1 1 1 















Appendix 



165 



MONTHLY HOG RECEIPTS AT SIX MARKETS. 

(Chicago, Omaha, Kansas City, St. Louis, St. Joseph, Sioux City.) 
(000 omitted.) 





1903. 


1904. 1905. 


1906. 


1907. 


1908. 


1909. 


1910. 


1911. 


1912. 


Jan. . . . 


1,559 


1,693 


1,935 


1,913 


1,828 


2,663 


2,011 


1,404 


1,492 


2,322 


Feb. 






1,404 


1,709 


1,538 


1,657 


1,690 


2,044 


1,594 


1,350 


1,552 


1,992 


Mar. 






1,124 


1,318 


1,497 


1,492 


1,396 


1,752 


1,900 


1,120 


1,666 


1,695 


Apr. 






1,215 


1,349 


1,245 


1,305 


1,461 


1,293 


1,371 


960 


1,556 


1,542 


May 






1,451 


1,472 


1,588 


1,608 


1,783 


1,790 


1,553 


1,260 


1,852 


1,759 


June 






1,485 


1,457 


1,744 


1,730 


1,677 


1,694 


1,480 


1,422 


1,876 


1,602 


July 






1,364 


808 


1,266 


1,408 


1,595 


1,354 


1,153 


1,117 


1,492 


1,405 


Aug. 






1,164 


1,236 


1,158 


1,396 


1,278 


1,269 


1,005 


1,098 


1,172 


1,085 


Sep. 






1,043 


923 


1,047 


1,046 


1,149 


1,151 


1,002 


830 


1,166 


934 


Oct. 






974 


1,109 


1,318 


1,113 


1,088 


1,591 


1,138 


892 


1,439 


1,295 


Nov. 






1,290 


1,644 


1,617 


1,252 


1,037 


1,875 


1,389 


1,212 


1,828 


1,452 


Dec. 






1,730 


1,772 


1,799 


1,458 


1,610 


1,981 


1,440 


1,331 


1,779 


1,664 


Totals 


15,803 


16,490|17,752 


17,378 


17,593 


20,457 


17,036 


13,996 


18,871 


18,743 



MONTHLY HOG RECEIPTS AT SIX MARKETS— Continued. 

(Chicago, Omaha, Kansas City, St. Louis, St. Joseph, Sioux City.) 

(000 omitted.) 





1913. 


1914. 


1915. 


1916. 


1917. 


1918. 


1919. 


1920. 


1921. 


1922. 


Jan. . . . 


1,959 


1,739 


2,003 


2,839 


2,757 


2,144 


3,100 








Feb. 






1,575 


1,584 


2,028 


2,416 


2,219 


2,322 


2,458 








Mar. 






1,399 


1,405 


1,863 


1,863 


1,723 


2,469 


2,005 








Apr. 






1,385 


1,202 


1,305 


1,435 


1,510 


2,096 


1,919 








May 






1,585 


1,320 


1,506 


1,594 


1,667 


1,819 


2,049 








June 






1,688 


1,483 


1,551 


1,631 


1,475 


1,594 


2,124 








July 






1,444 


1,170 


1,332 


1,378 


1,470 


1,754 


1,705 








Aug. 






1,387 


1,020 


1,137 


1,492 


991 


1,353 


1,054 








Sep. 






1,309 


984 


956 


1,116 


701 


1,172 


1,092 








Oct. 






1,389 


1,312 


992 


1,668 


1,124 


1,678 


1,333 








Nov. 






1,575 


1,494 


1,651 


2,469 


1,641 


2,208 


1,740 








Dec. 






1,972 


1,970 


2,561 


2,665 


1,802 


2,743 


2,501 








Totals 


18,66816,619 


18,876 


22,566 


19,080 


23,352 23,080| 





























Jan. 






1 




















Feb. 


























Mar. 


























Apr. 


























May 


























June 


























July 


























Aug. 


























Sep. 


























Oct. 


























Nov. 


























Dec. 


























Totals 























166 



Agricultural Prices 



HOG RECEIPTS AT CHICAGO. 

(000 omitted.) 





1903. 


1904. 


1905. 


1906. 


1907. 


1908. 


1909. 


1910. 


1911. 


1912. 


Jan. . 
Feb. . 
Mar. . 
Apr. . 
May . 
June . 
July . 
Aug. . 
Sep. . 
Oct. . 
Nov. . 
Dec. . 




818 
688 
522 
527 
571 
677 
545 
538 
465 
451 
637 
885 


870 
846 
612 
558 
580 
577 
350 
502 
356 
477 
705 
805 


930 
727 
677 
560 
653 
625 
504 
489 
476 
579 
704 
800 


898 
734 
621 
503 
561 
624 
585 
571 
454 
511 
556 
656 


806 
681 
579 
583 
647 
587 
611 
511 
480 
442 
472 
802 


1,110 
869 
723 
493 
604 
629 
531 
469 
381 
634 
816 
873 


818 
690 
737 
482 
570 
518 
449 
397 
353 
399 
564 
643 


569 
574 
394 
325 
462 
497 
390 
441 
355 
424 
549 
607 


640 
651 
702 
519 
635 
560 
508 
485 
442 
587 
695 
679 


881 
791 
654 
567 
630 
543 
523 
431 
404 
522 
573 
661 


Totals ! 7,324 


7,238] 7,724 


7,274 


7,201 


8,132 


6,620 


5,587 


7,103 


7,180 



HOG RECEIPTS AT CHICAGO— Continued. 
(000 omitted.) 



1 1913. 


1914. 


1915. 


1916. 


1917. 


1918. 


1919. 


1920. 


1921. 


1922. 


Jan. . 
Feb. . 
Mar. . 
Apr. . 
May . 
June . 
July . 
Aug. . 
Sep. . 
Oct. . 
Nov. . 
Dec. . 




806 
646 
586 
534 
549 
611 
517 
565 
588 
641 
641 
889 


729 
649 
543 
444 
465 
586 
460 
414 
370 
521 
434 
1,002 


896 
740 
646 
467 
567 
564 
511 
445 
412 
418 
812 
1,175 


1,228 
947 
733 
542 
612 
566 
527 
587 
474 
781 
1,062 
1,128 


1,124 
792 
628 
543 
584 
506 
474 
337 
251 
436 
698 
796 


729 
917 
975 
787 
659 
513 
628 
434 
398 
681 
894 
1,000 


1,123 
913 

675 
640 
704 
781 
603 
384 
432 
568 
807 
1,043 


1,024 
616 






Totals 


7,573 


6,617| 7,653! 9,187] 7,169| 8,615 


8,673 





























Jan. 
























Feb. 
























Mar. 
























Apr. 
























May 
























June 
























July 
























Aug. 
























Sep. 
























Oct. 
























Nov. 
























Dec. 
























Totals 





















Appendix 



167 



HOG RECEIPTS AT OMAHA. 

(000 omitted) 





1903. 


1904. 1 1905. 


1906. 


1907. 


1908. 


1909. 


1910. 


1911. 


1912. 


Jan. 

Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

Dec. 






197 
204 
164 
183 
240 
277 
210 
159 
130 
100 
150 
218 


185 
222 
198 
234 
253 
264 
106 
180 
135 
125 
185 
214 


206 
184 
216 
166 
226 
301 
222 
172 
123 
120 
137 
210 


229 
226 
223 
205 
255 
305 
207 
219 
130 
111 
117 
167 


203 
218 
198 
193 
250 
245 
259 
182 
153 
115 
78 
159 


306 
261 
241 
170 
262 
262 
159 
158 
110 
122 
165 
208 


242 
192 
284 
213 
222 
230 
170 
135 
118 
89 
102 
138 


177 
202 
194 
153 
172 
214 
166 
172 
102 
93 
110 
137 


171 
204 
252 
238 
256 
279 
213 
161 
119 
108 
152 
214 


330 
359 
286 
285 
303 
279 
223 
168 
111 
137 
183 
220 


Totals 


2,232i 2,301 


2,283 


2,394 2,253| 2,424 


2,135 


1,892 


2,367 


2,884 



HOG RECEIPTS AT OMAHA— Continued. 
(000 omitted) 





1913. 


1914. 1 1915. 


1916. 


1917. 


1918. 


1919. 


1920. 


1921. 


1922. 


Jan. 

Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

Dec. 






281 
254 
227 
212 
248 
246 
227 
185 
132 
127 
190 
220 


256 
244 
243 
194 
211 
208 
202 
138 
99 
103 
155 
206 


258 
318 
320 

234 
245 
258 
218 
189 
119 
77 
103 
304 


396 
402 
318 
231 
238 
261 
217 
199 
120 
123 
277 
335 


441 
377 
295 
229 
244 
244 
261 
166 
94 
98 
148 
200 


331 

364 
393 
379 
285 
285 
288 
225 
147 
132 
239 
360 


449 
391 
400 
310 
296 
303 
281 
147 
102 
116 
135 
254 








Totals 


2,549 2,259 


2,643| 3,117 


2,797 


3,428 


3,184 































Jan. 


















1 1 


Feb. . 


















1 1 
1 1 


Mar. . 




















1 


Apr. . 




















1 


May . 




















1 


June . 




















i 


July . 




















1 
1 


Aug. . 




















1 


Sep. . 




















1 


Oct. . 




















1 


Nov. . 




















1 


Dec. . 




















1 


Totals 


















1 



168 



Agricultural Prices 



HOG RECEIPTS AT ST. LOUIS. 

(000 omitted) 





1903. 


1904. 


1905. 


1906. 


1907. 


1908. 


1909. 


1910. 


1911. 


1912. 


Jan. , . . 








210 


227 


311 


282 


211 


236 


343 


Feb. 












172 


179 


197 


218 


165 


220 


221 


Mar. 












166 


170 


183 


242 


163 


267 


217 


Apr. 












148 


179 


174 


199 


131 


226 


191 


May- 












189 


196 


233 


199 


204 


275 


215 


June 












158 


167 


219 


192 


207 


310 


189 


July 












145 


169 


180 


160 


174 


246 


177 


Aug. 












145 


157 


169 


134 


151 


191 


145 


Sep. 












112 


141 


174 


168 


120 


226 


142 


Oct. 








1 


134 


177 


220 


199 


134 


285 


217 


Nov. 










158 


136 


229 


241 


182 


354 


210 


Dec. 










186 


167 


259 


230 


212 


282 


251 


Totals 1 1,568 


1,955| 2,026 


1,923 


2,065 


2,548 


2,464 


2,054 


3,118 


2,518 



HOG RECEIPTS AT ST. LOUIS— Continued. 
(000 omitted) 





1913. 


1914. 


1915. 


1916. 


1917. 


1918. 


1919. 


1920. 


1921. 


1922. 


Jan. 

Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

Dec. 






283 
219 
185 
180 
232 
226 
189 
175 
188 
182 
214 
290 


291 
265 
224 
197 
209 
196 
151 
163 
209 
237 
187 
230 


261 
285 
301 
205 
210 
189 
157 
144 
142 
173 
232 
293 


361 
315 
245 
189 
242 
206 
171 
215 
170 
232 
358 
353 


360 
293 
259 
232 
264 
203 
177 
125 
98 
196 
245 
253 


292 
338 
320 
275 
251 
223 
227 
193 
176 
264 
305 
392 


395 
340 
332 
340 
340 
305 
232 
166 
209 
235 
312 
432 








Totals 


2,563 


2,559 


2,592 


3,057 


2,705 


3,256 


3,638 


1 



























Jan. . . 
























Feb. . 
























Mar. . 
























Apr. . 
























May . 
























June . 
























July . 
























Aug. . 
























Sep. . 
























Oct. . 
























Nov. . 
























Dec. . 
























Totals 1 





















Appendix 



169 



HOG RECEIPTS AT KANSAS CITY. 

(000 omitted) 





1903. 


1904. 


1905. 


1906. 


1907. 


1908. 


1909. 


1910. 


1911. 


1912, 


Jan. . . . 








271 


263 


502 


357 


222 


223 


353 


Feb. 












224 


254 


325 


257 


187 


225 


241 


Mar. 












196 


218 


290 


339 


184 


295 


200 


Apr. 












219 


255 


248 


267 


175 


316 


208 


May 












301 


362 


353 


302 


217 


356 


233 


June 












285 


313 


200 


247 


220 


338 


209 


July 












207 


259 


202 


150 


162 


233 


169 


Aug. 












214 


170 


196 


154 


129 


139 


102 


Sep. 












141 


151 


272 


207 


110 


183 


107 


Oct. 












191 


196 


369 


268 


117 


250 


217 


Nov, 












215 


208 


370 


277 


178 


332 


241 


Dec. 












212 


275 


363 


250 


177 


281 


243 


Totals 


1,969 


2,227 


2,508 


2,676 


2,924 


3,690 


3,075 


2,078 


3,171 


2,523 



HOG RECEIPTS AT KANSAS CITY— Continued. 
(000 omitted) 



1913. 


1914. 


1915. 


1916. 


1917. 


1918. 


1919. 


1920. 


1921. 


1922. 


Jan . . . 


270 


203 


254 


328 


274 


305 


440 








Feb. 






196 


170 


297 


286 


235 


269 


314 








Mar. 






163 


172 


244 


219 


186 


275 


224 








Apr. 






218 


166 


174 


192 


201 


256 


281 








May 






229 


180 


212 


274 


228 


269 


304 








June 






245 


177 


211 


250 


172 


225 


291 








July 






196 


114 


151 


175 


171 


213 


198 








Aug. 






170 


117 


143 


220 


129 


195 


131 








Sep. 






172 


149 


130 


190 


102 


211 


169 








Oct. 






203 


232 


180 


271 


172 


298 


216 








Nov. 






243 


382 


240 


299 


195 


356 


231 








Dec. 






261 


202 


294 


274 


212 


455 


310 








- Totals 


2,566 


2,264 


2,529 


2,978 


2,277 


3,325 


3,109 































Jan. 


























Feb. 












^ 














Mar. 


























Apr. 






1 




















May 


























June 


























July 


























Aug. 


























Sep. 


























Oct. 


























Nov. 


























Dec. 


























Totals 


















1 
1 



170 



Agricultural Prices 



HOG RECEIPTS AT SIOUX CITY. 

(000 omitted) 





1903. 


1904. 


1905. 


1906. 


1907. 1908. 

1 


1909. 


1910. 


1911. 


1912. 


Jan. 
Feb. 
Mar. 
Apr. 
May 
June 
July 
Aug. 
Sep. 
Oct. 
Nov. 
Dec. 
























177 

185 

143 

138 

199 

207 

156 

110 

69 

76 

97 

123 


Totals 


1,008 


1,113 


1,299 


1,158 


1,289 


1,377 


1,077 


1,044 


1,349 


1,680 



HOG RECEIPTS AT SIOUX CITY— Continued 
(000 omitted) 



1913. 

1 


1914. 


1915. 


1916. 


1917. 


1918. 


1919. 


1920. 


1921. 


1922. 


Jan. . . . 


136 


88 


175 


271 


315 


252 


314 








Feb. 






114 


105 


204 


255 


257 


232 


261 








Mar. 






112 


108 


200 


191 


196 


300 


224 








Apr. 






107 


93 


116 


161 


154 


228 


195 








May 






178 


127 


142 


150 


169 


200 


235 








June 






180 


149 


185 


162 


187 


209 


246 








July 






172 


133 


176 


150 


217 


232 


237 








Aug. 






150 


104 


114 


124 


103 


151 


127 








Sep. 






114 


64 


65 


75 


66 


110 


90 








Oct. 






97 


64 


51 


100 


105 


115 


92 








Nov. 






87 


116 


103 


212 


203 


157 


106' 






Dec. 






86 


113 


229 


279 


176 


236 


195| 






Totals 


1,533 


1,264 


1,760 


2,130 


2,148 


2,422 


2,322| 





























Jan. 






1 












1 


Feb. 




















1 


Mar. 




















1 

1 


Apr. 




















1 


May 




















1 


June 




















1 


July 




















1 
1 


Aug. 




















i 


Sep. 




















! 


Oct. 






















Nov. 




















1 


Dec. 






1 
















Totals 1 














1 



Appendix 



171 



HOG RECEIPTS AT ST. JOSEPH. 

(000 omitted) 





1903. 


1904. 1905. 


1906. 


1907. 


1908. 


1909. 


1910. 


1911. 


1912. 


Jan. 
Feb. 
Mar. 
Apr. 
May 
June 
July 
Aug. 
Sep. 
Oct. 
Nov. 
Dec. 












186 
166 
160 
150 
184 
219 
159 
147 
109 
116 
139 
174 


202 
187 
143 
162 
201 
213 
179 
148 
129 
112 
87 
159 


270 
233 
194 
140 
214 
247 
186 
201 
155 
157 
168 
174 


187 
149 
170 
121 
147 
159 
124 
120 
99 
120 
138 
156 


146 
118 
109 
101 
122 
147 
124 
110 
80 
67 
112 
111 


125 
161 
175 
145 
176 
212 
170 
112 
108 
134 
194 
203 


238 
196 
201 
163 
177 
176 
156 
127 
103 
126 
147 
163 


Totals 


1,701 


1,656 


1,900 


1,909 


1,922 


2,339 


1,690 


1,360 


1,915 


1,973 



HOG RECEIPTS AT ST. JOSEPH— Continued 
(000 omitted) 





1913. 


1914. 


1915. 


1916. 


1917. 


1918. 


1919. 


1920. 


1921. 


1922. 


Jan. . . . 


184 


170 


160 


255 


242 


236 


368 








Feb. 






147 


150 


185 


210 


200 


234 


220 








Mar. 






116 


122 


151 


157 


160 


204 


151 








Apr. 






124 


108 


109 


120 


150 


170 


153 








May 






149 


128 


130 


177 


177 


156 


170 








June 






179 


166 


143 


185 


163 


140 


198 








July 






143 


110 


110 


137 


172 


167 


153 








Aug. 






143 


85 


102 


148 


130 


155 


97 








Sep. 






113 


94 


88 


92 


90 


130 


89 








Oct. 






140 


156 


91 


162 


118 


187 


111 








Nov. 






199 


219 


160 


261 


152 


257 


149 








Dec. 






232 


217 


268 


294 


165 


315 


267 








Totals 1 1,869 


1 1,725 


1,698 


2,198 


1,920 


2,351 


2,126 





























Jan. . 






















Feb. . 






















Mar. . 






















Apr. . 






















May . 






















June . 






















July . 






















Aug. . 






















Sep. . 






















Oct. . 






















Nov. . 






















Dec. . 




1 


















Totals 1 


1 














.-, 



172 



Agricultural Pricss 



MONTHLY CATTLE RECEIPTS AT SIX MARKETS. 

(Chicago, Omaha, Kansas City, St. Louis, St. Joseph, Sioux City.) 

(000 omitted.) 





1903. 


1904. 


1905. 


1906. 


1907. 


1908. 


1909. 


1910. 


1911. 


1912. 


Jan. . . , 


671 


706 


693 


771 


836 


735 


664 


688 


745 


702 


Feb. 






586 


624 


548 


629 


628 


596 


535 


554 


548 


516 


Mar. 






627 


664 


643 


592 


612 


619 


632 


613 


558 


508 


Apr. 






666 


604 


623 


577 


723 


494 


490 


495 


479 


495 


May 






620 


587 


707 


671 


625 


505 


558 


533 


602 


471 


June 






669 


692 


666 


599 


669 


604 


552 


615 


623 


448 


July 






727 


402 


672 


678 


745 


588 


607 


649 


680 


508 


Aug. 






824 


744 


883 


732 


796 


771 


820 


923 


774 


684 


Sep. 






1,065 


927 


1,000 


858 


1,037 


967 


1,010 


1,029 


784 


902 


Oct. 






1,085 


1,088 


1,196 


1,080 


1,057 


941 


1,022 


1,076 


1,073 


1,040 


Nov. 






841 


927 


919 


868 


646 


807 


955 


854 


780 


694 


Dec. 






676 


663 


764 


750 


650 


701 


782 


652 


597 


750 


Totals 


9,057 


8,628 


9,314 


8,803 


9,024 


8,328 


8,627 


8,681 


8,242 


7,717 



For 1903, 1904 and 1905, the figures as given are about 8 per cent too 
high, on account of the system of counting calves as cattle at certain mar- 
kets; 92 per cent of the 1903, 1904 and 1905 figures will make them more 
comparable with the later years. 



MONTHLY CATTLE RECEIPTS AT SIX MARKETS— Continued. 
(Chicago, Omaha, Kansas City, St. Louis, St. Joseph, Sioux City.) 

(000 omitted.) 





1913. 


1914. 


1915. 


1916. 


1917. 


1918. 


1919. 


1920. 


1921. 


1922. 


Jan. . . . 


640 


557 


572 


655 


847 


842 


1,086 








Feb. 






514 


474 


415 


569 


592 


789 


729 








Mar. 






503 


494 


549 


581 


554 


842 


654 








Apr. 






512 


436 


468 


441 


601 


924 


695 








May 






461 


399 


464 


557 


731 


694 


669 








June 






539 


467 


479 


548 


730 


719 


649 








July 






574 


455 


475 


545 


793 


988 


855 








Aug. 






710 


574 


643 


844 


830 


953 


937 








Sep. 






950 


821 


782 


915 


1,085 


1,419 


1,224 








Oct. 






851 


834 


891 


1,226 


1,396 


1,402 


1,276 








Nov. 






622 


593 


859 


964 


1,218 


1,254 


1,224 








Dec. 






615 


622 


658 


753 


922 


1,124 


1,036 








Totals 


7,489 


6,723 


7,254 


8,598 


10,299 


11,950 


11,034 









Appendix 



173 



MONTHLY CATTLE RECEIPTS AT CHICAGO. 

(000 omitted) 





1903. 


1904. 


1905. 


1906. 


1907. 


1908. 


1909. 


1910. 


1911. 


1912. 


Jan. 

Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

Dec. 






275 
239 
264 
280 
231 
303 
282 
293 
341 
339 
302 
283 


293 
266 
261 
246 
237 
268 
155 
273 
277 
362 
339 
282 


320 
257 
267 
237 
254 
236 
238 
293 
315 
356 
320 
319 


308 
243 
.227 
242 
264 
235 
263 
267 
297 
357 
328 
297 


317 
250 
230 
282 
250 
235 
263 
235 
319 
369 
272 
283 


313 

258 
253 
206 
181 
227 
203 
248 
267 
288 
308 
289 


273 
209 
238 
180 
201 
180 
192 
234 
278 
293 
335 
315 


272 
228 
225 
192 
194 
227 
234 
294 
283 
331 
319 
254 


294 
213 
211 
184 
246 
217 
240 
246 
226 
320 
293 
242 


284 
211 
214 
208 
198 
167 
183 
206 
222 
272 
232 
256 


Totals 


3,432 


3,259| 3,412 


3,328 


3,305 


3,041 


2,928 


3,053 


2,932 


2,653 



MONTHLY CATTLE RECEIPTS AT CHICAGO— Continued. 
(000 omitted) 





1913. 


1914. 


1915. 


1916. 


1917. 


1918. 


1919. 


1920. 


1921. 


1922. 


Jan. 

Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

Dec. 






240 
176 
190 
212 
178 
200 
184 
184 
238 
242 
217 
252 


215 
194 
190 
184 
161 
177 
162 
186 
213 
222 
119 
214 


190 
131 
176 
162 
170 
179 
165 
200 
205 
202 
243 
239 


227 
194 
186 
156 
199 
177 
180 
231 
254 
332 
318 
276 


309 
206 
171 
204 
237 
218 
206 
233 
318 
415 
376 
322 


261 
280 
304 
303 
228 
245 
314 
265 
389 
414 
402 
385 


364 
257 
213 
226 
232 
244 
286 
238 
293 
396 
386 
369 








Totals 


2,513 


2,237 


2,262 


2,730! 3,215 


3,790 


3,504 































Jan. 


























Feb. 


























Mar. 


























Apr. 


























May 


























June 


























July 


























Aug. 


























Sep. 


























Oct. 


























Nov. 


























Dec. 






1 




















Totals 1 





















174 



Agricultural Prices 



MONTHLY SHEEP RECEIPTS AT SIX MARKETS. 

(Chicago, Omaha, Kansas City, St. Louis, St. Joseph, Sioux City.) 

(000 omitted.) 





1903. 


1904. 


i905. 


1906. 


1907. 


1908. 


1909. 


1910. 


1911. 


1912. 


Jan. 

Feb. 
Mar. 
Apr. 
May 
June 
July 
Aug. 
Sep. 
Oct. 
Nov. 
Dec. 






603 
573 

628 
628 
543 
497 
574 
778 
1,097 
1,204 
961 
681 


677 

772 
792 
632 
574 
597 
334 
765 
1,125 
1,150 
812 
543 


703 

683 
760 
779 
790 
563 
659 
794 
1,233 
1,306 
830 
609 


820 
732 
888 
775 
719 
567 
660 
831 
1,083 
1,335 
926 
701 


835 
748 
766 
788 
570 
542 
611 
747 
1,146 
1,258 
658 
600 


661 

654 
610 
641 
573 
660 
643 
852 
1,376 
1,044 
861 
797 


628 
641 
792 
654 
504 
631 
661 
926 
1,285 
1,376 
876 
743 


692 

584 

607 

507 

607 

661 

834 

1,267 

1,721 

1,910 

1,317 

756 


893 

758 

858 

767 

825 

840 

845 

1,165 

1,684 

2,139 

1,196 

866 


1,108 

930 

956 

835 

710 

713 

878 

1,128 

1,640 

2,051 

1,190 

967 


Totals 


8,767 


8,773| 9,709 


10,036 


9,269 


9,372 


9,717 


11,463 


12,834 


13,106 



MONTHLY SHEEP RECEIPTS AT SIX MARKETS— Continued. 
(Chicago, Omaha, Kansas City, St. Louis, St. Joseph, Sioux City.) 

(000 omitted.) 





1913. 


1914. 


1915. 


1916. 


1917. 


1918. 


1919. 


1920. 


1921. 


1922. 


Jan. . . . 


961 


1,060 


914 


861 


893 


821 


899 








Feb. 






858 


965 


794 


818 


800 


690 


647 








Mar. 






787 


1,032 


849 


723 


790 


747 


675 








Apr. 






859 


964 


635 


643 


673 


600 


737 








May 






812 


782 


534 


682 


475 


586 


703 








June 






776 


765 


569 


717 


512 


604 


806 








July 






886 


772 


682 


694 


561 


788 


1,191 








Aug. 






1,030 


1,070 


1,010 


1,087 


707 


1,088 


1,671 








Sep. 






2,018 


1,716 


1,526 


1,431 


1,205 


1,945 


2,232 








Oct. 






1,996 


1,630 


1,127 


1,544 


1,324 


1,745 


1,591 








Nov. 






1,195 


823 


974 


947 


792 


1,059 


1,199 








Dec. 






1,075 


887 


842 


868 


851 


854 










Totals 


13,252 


12,466 


10,456 


11,015 


9,583 


11,527 

































Jan. 


























Feb. 


























Mar. 


























Apr. 


























May 


























June 


























July 


























Aug. 


























Sep. 


























Oct. 


























Nov. 


























Dec. 


























Totals 1 





















Appendix 



175 



MONTHLY SHEEP RECEIPTS AT CHICAGO. 

(000 omitted) 





1903. 


1904. 


1905. 


1906. 


1907. 


1908. 


1909. 


1910. 


1911. 


1912. 


Jan. . . 


361 


356 


344 


370 


418 


304 


287 


328 


418 


565 


Feb. 






301 


432 


304 


337 


314 


282 


250 


222 


341 


427 


Mar. 






304 


375 


346 


375 


273 


263 


308 


225 


319 


390 


Apr. 






275 


301 


342 


367 


339 


285 


276 


221 


298 


349 


May 






232 


289 


361 


363 


260 


275 


223 


259 


375 


322 


June 






324 


332 


285 


324 


261 


353 


301 


329 


403 


261 


July 






318 


217 


335 


335 


331 


339 


363 


444 


446 


456 


Aug. 






427 


421 


365 


409 


360 


403 


420 


570 


495 


532 


Sep. 






555 


467 


606 


467 


444 


540 


534 


686 


653 


658 


Oct. 






586 


575 


691 


633 


575 


412 


597 


896 


886 


803 


Nov. 






519 


422 


416 


439 


323 


460 


474 


648 


611 


650 


Dec. 






381 


318 


345 


387 


319 


435 


409 


402 


492 


544 


Totals 1 4,583 


4,505 


4,737 


4,806 


4,217 


4,351 


4,442 


5,230 


5,737 


6,057 



MONTHLY SHEEP RECEIPTS AT CHICAGO— Continued. 
(000 omitted) 





1913. 


1914. 


1915. 


1916. 


1917. 


1918. 


1919. 


1920. 


1921. 


1922, 


Jan. . . . 


450 


485 


385 


334 


306 


289 


442 








Feb. 






353 


458 


233 


306 


282 


252 


275 








Mar. 






332 


460 


259 


279 


306 


258 


243 








Apr. 






359 


400 


232 


270 


307 


245 


276 








May 






355 


343 


213 


282 


198 


237 


271 








June 






369 


341 


226 


310 


213 


252 


342 








July 






428 


•375 


277 


298 


230 


340 


458 








Aug. 






465 


443 


301 


410 


242 


417 


483 








Sep. 






817 


650 


347 


440 


372 


668 


699 








Oct. 






804 


681 


317 


577 


469 


671 


716 








Nov. 






622 


271 


372 


438 


333 


574 


559 








Dec. 






550 


469 


346 


347 


336 


426 


481 








Totals 


5,904 


5,376 


3,508 


4,291 


3,594 


4,629 


5,245 





























Jan. 
























Feb. 
























Mar. 
























Apr. 
























May 
























June 
























July 
























Aug. 
























Sep. 
























Oct. 
























Nov. 
























Dec. 
























Totals i 



















176 



Agricultural Prices 

CORN RECEIPTS AT CHICAGO. 

(In bushels — 000 omitted.) 





1903. 


1904. 


1905. 


1906. 


1907. 


1908. 


1909. 


1910. 


1911. 


1912. 


Jan. . . . 


9,300 


7,500 


10,200 


8,700 


11,500 


12,400 


8,800 


8,800 


12,700 


12,900 


Feb. 






6,800 


7,300 


6,800 


7,900 


13,200 


7,200 


7,800 


12,000 


10,100 


15,200 


Mar. 






6,500 


5,400 


14,800 


6,000 


11,300 


7,900 


9,700 


9,700 


9,900 


10,100 


Apr. 






2,500 


4,500 


8,300 


4,200 


8,000 


6,500 


3,000 


4,000 


4,700 


3,000 


May 






5,800 


4,700 


4,700 


7,000 


6,400 


6,200 


6,000 


3,000 


9,100 


5,900 


June 






12,300 


13,200 


11,900 


14,800 


19,400 


9,800 


8,600 


8,600 


15,400 


12,900 


July 






6,700 


6,600 


10,300 


8,700 


8,600 


5,100 


6,500 


6,000 


5,100 


5,900 


Aug. 






5,500 


7,300 


8,500 


4,700 


5,600 


6,600 


6,700 


8,000 


6,700 


6,400 


Sep. 






13.600 


14,800 


11,500 


13,000 


14,600 


8,300 


10,700 


13,000 


11,200 


12,400 


Oct. 






10,200 


3,500 


5,000 


5,100 


13,300 


3,600 


7,100 


8,400 


6,900 


7,600 


Nov. 






6,600 


7,400 


8,000 


6,400 


4,100 


5,300 


5,900 


8,200 


7,800 


7,000 


Dec. 






5,800 


16,800 


10,600 


8,400 


9,100 


12,500 


10,300 


13,900 


8,900 


13,300 



CORN RECEIPTS AT CHICAGO— Continued. 
(In bushels — 000 omitted.) 





1913. 


1914. 


1915. 


1916. 


1917. 


1918. 


1919. 


1920. 


1921. 


1922. 


Jan. . . . 


21,900 


8,800 


20,900 


12,000 


11,100 


5,800 


8,000 








Feb. 






21,500 


8,400 


9,400 


15,700 


7,200 


10,600 


3,700 








Mar. 






11,000 


7,600 


4,900 


8,200 


8,000 


14,000 


3,800 








Apr. 






3,600 


2,100 


3,900 


4,700 


4,900 


8,500 


6,100 








May 






5,100 


2,500 


4,300 


7,200 


5,100 


5,900 


3,300 








June 






16,300 


9,700 


4,900 


3,900 


8,400 


7,700 


8,100 








July 






6,400 


5,100 


6,500 


10,600 


5,300 


10,000 


4,900 








Aug. 






4,300 


9,200 


6,200 


6,400 


4,100 


5,300 


3,300 








Sep. 






15,200 


8,100 


9,200 


9,400 


2,900 


9,500 


7,500 








Oct. 






5,800 


5,900 


8,100 


5,400 


3,900 


11,600 


4,800 








Nov, 






2,800 


12,500 


7,600 


8,600 


4,900 


6,100 


4,900 








Dec. 






13,800 


25,700 


9,700 


10,300 


6,200 


5,500 


7,500 































Jan. 
























Feb. 
























Mar. 
























Apr. 
























May 
























June 
























July 
























Aug. 
























Sep. 
























Oct. 
























Nov. 
























Dec. 
























Totals i 



















Appendix 



177 



OATS RECEIPTS AT CHICAGO. 

(In bushels — 000 omitted.) 





1 
1903. 


1904. 


1905. 


1906. 


1907. 


1908. 


1909. 


1910. 


1911. 


1912. 


Jan. . . . 


9,100 


5,300 


3,600 


8,100 


0,700 


7,600 


6,300 


5,400 


8,900 


5,200 


Feb. 






6,900 


6,800 


3.900 


5,800 


5,500 


6,200 


5,600 


6,700 


5,900 


7,100 


Mar. 






8,100 


8,900 


9,100 


6,200 


8,300 


11,300 


8,100 


8,300 


5,600 


7,400 


Apr. 






6,000 


4,100 


3,900 


6,400 


9,100 


7,700 


5,500 


5,800 


5,600 


6,100 


May- 






5,300 


3,700 


4,200 


6,300 


8,400 


8,300 


7,300 


6,400 


8,900 


7,400 


June 






7,900 


4,500 


6,300 


7,000 


5,800 


5,600 


7,500 


6,500 


9,800 


6,000 


July 






8,600 


3,900 


6,300 


5,500 


4,200 


5,200 


4,000 


6,400 


6,900 


5,800 


Aug. 






8,200 


11,700 


12,900 


10,100 


8,700 


8,400 


13,100 


24,400 


13,300 


14,600 


Sep. 






5,800 


7,500 


10,800 


8,800 


11,500 


10,400 


8,700 


7,200 


8,300 


17,700 


Oct. 






8,800 


6,000 


14,000 


12,000 


11,600 


8,900 


8,500 


7,700 


9,200 


17,900 


Nov. 






6,900 


4,400 


9,300 


7,300 


5,700 


5,900 


7,600 


6,900 


5,400 


13,500 


Dec. 






6,300 


3,500 


8,200 


6,300 


8,500 


6,900 


5,700 


10,300 


6,300 


9,800 



OATS RECEIPTS AT CHICAGO— Continued. 
(In bushels — 000 omitted.) 




1915. 1916. 



1917. 


1918. 


1919. 


1920. 


1921. 


7,800 


5,700 


6,600 






7,000 


8,800 


4,300 






10,700 


9,700 


3,700 






9,700 


13,600 


5,500 






8,600 


9,000 


5,800 






8,500 


8,200 


10,100 






7,900 


13,500 


11,000 






14,900 


22,800 


12,300 






14,800 


11,400 


8,900 






13,700 


10,900 


9,400 






13,600 


11,000 


5,500 






8,700 


12,500 


5,600 







1922. 



Jan. 
Feb. 
Mar. 
Apr. 
May- 
June 
July 
Aug. 
Sep. 
Oct. 
Nov. 
Dec. 



11,300 

9,100 

8,300 

7,600 

10,800 

16,600 

10,000 

13,900 

12,900 

9,000 

6,900 

8,100 



8,100 

6,600 

8,300 

5,900 

6,400 

9,200 

10,600 

23,700 

16,700 

17,900 

11,800 

13,200 



11,700 

11,400 

11,600 

6,100 

5,500 

6,100 

7,500 

16,700 

18,200 

12,400 

16,300 

10,200 



12,900 

11,700 

8,600 

9,500 

17,000 

9,200 

8,400 

31,700 

14,300 

18,200 

12,400 

8,500 



























Jan. 


























Feb. 








■ 


















Mar. 


























Apr. 


























May 


























June 


























July 


























Aug. 


























Sep. 


























Oct. 


























-Nov. 


























Dec. 


























Totals 1 





















178 Agricultural Prices 

AVERAGE WEIGHT OF HOGS AT CHICAGO. 





1903. 


1904. 1905. 


1906. 


1907. 


1908. 


1909. 


1910. 


1911. 


1912. 


Jan. . 
Feb. . 
Mar. . 
Apr. . 
May . 
June . 
July . 
Aug. . 
Sep. . 
Oct. . 
Nov. . 
Dec. . 




208 
209 
215 
222 
227 
231 
235 
248 
257 
241 
228 
219 


206 
205 
206 
208 
214 
221 
226 
239 
244 
230 
232 
228 


213 
209 
211 
216 
219 
222 
228 
236 
241 
234 
230 
221 


217 
215 
218 
221 
226 
226 
231 
241 
248 
237 
229 
225 


223 
222 
228 
234 
235 
236 
240 
250 
253 
235 
209 
214 


215 
212 
212 
219 
218 
217 
222 
224 
219 
207 
213 
211 


203 
204 
206 
212 
216 
219 
225 
232 
232 
227 
225 
214 


210 
213 

218 
227 
239 
242 
246 
255 
259 
253 
232 
224 


226 
230 
239 
241 
242 
236 
233 
239 
224 
212 
208 
213 


212 
217 
218 
227 
232 
235 
239 
240 
235 
226 
222 
223 


Y'rly av 


227 


220 


222 


226 


231 


216| 218! 235| 232 


226 



AVERAGE WEIGHT OF HOGS AT CHICAGO— Continued. 



Jan. 

Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

Dec. 



Y'rly av 



1913. 1914. 



226 
230 
240 
242 
242 
244 
243 
233 
222 
209 
207 
213 
228 



216 

224 

233 

23 

236 

237 

244 

248 

242 

229 

218 

226 



1915. 1916. 1917. 



223 
224 
231 
233 
233 
231 
238 
246 
235 
204 
187 
190 



2311 219 



195 
204 
214 
219 
220 
226 
231 
232 
223 
210 
195 
193 
"2l0 



199 
204 
209 
213 
217 
225 
232 
233 
231 
212 
209 
211 
213 



1918. 

216 
231 
238 
242 
238 
235 
243 
243 
247 
233 
226 
223 



1919. 

"~228 
232 
230 
230 
232 
233 
242 
251 
254 
237 
226 
224 
■234J 2331 



1920. 

"^29 
231 



1921. 



1922. 



Jan. 

Feb. 
Mar. 
Apr. 
May 
June 
July 
Aug. 
Sep. 
Oct. 
Nov. 
Dec. 



Totals 



Appendix 

AVERAGE WEIGHT OF HOGS AT OMAHA. 



179 





1903. 


1904. 


1905. 


1906. 


1907. 


1908. 


1909. 


1910. 


1911. 


1912. 


Jan. , .. . 


235 


231 


256 


234 


244 


233 


231 


229 


242 


247 


Feb. 






242 


250 


236 


226 


237 


228 


223 


226 


243 


222 


Mar. 






236 


235 


239 


228 


244 


230 


227 


231 


254 


221 


Apr. 






247 


236 


236 


230 


252 


233 


233 


232 


244 


231 


May 






248 


232 


237 


232 


250 


228 


232 


245 


254 


233 


June 






253 


233 


241 


232 


250 


226 


229 


249 


245 


234 


July 






254 


232 


233 


233 


254 


227 


236 


250 


242 


232 


Aug. 






265 


244 


238 


246 


260 


229 


239 


259 


253 


238 


Sep. 






273 


252 


245 


253 


263 


226 


240 


272 


265 


241 


Oct. 






278 


251 


251 


254 


260 


222 


242 


284 


262 


235 


Nov. 






268 


267 


252 


248 


244 


238 


248 


274 


246 


235 


Dec. 






265 


265 


248 


246 


249 


237 


234 


262 


225 


238 



AVERAGE WEIGHT OP HOGS AT OMAHA— Continued. 





1913. 


1914. 


1915. 


1916. 


1917. 


1918. 


1919. 


1920. 


1921. 


1922. 


Jan. . . . 


234 


224 


241 


216 


218 


240 


229 








Feb. 






229 


232 


238 


216 


223 


243 


235 








Mar. 






238 


238 


244 


224 


226 


249 


236 








Apr. 






241 


242 


252 


228 


229 


242 


235 








May 






244 


247 


256 


232 


233 


246 


238 








June 






245 


250 


248 


236 


23S 


248 


244 








July 






247 


255 


249 


243 


245 


261 


245 








Aug. 






244 


261 


264 


247 


245 


260 


255 








Sep. 






249 


268 


274 


249 


256 


264 


275 








Oct. 






233 


265 


265 


246 


257 


264 


281 








Nov. 






219 


253 


252 


224 


260 


240 


271 








Dec. 






218 


242 


230 


211 


243 


227 


249 















AVERAGE 


WEIGHT OF HOGS AT ST. LOUIS. 








1910. 


1911. 


1912. 


1913. 


1914. 


1915. 


1916. 


1917. 


1918. 


1919. 


Jan. . . . 


178 


188 


158 


182 


169 


170 


172 


175 


190 


189 


Feb. 






165 


195 


162 


180 


177 


174 


173 


179 


190 


184 


Mar. 






171 


202 


167 


170 


174 


176 


171 


175 


189 


173 


Apr. 






176 


197 


165 


179 


180 


175 


171 


171 


186 


176 


May 






198 


170 


191 


181 


174 


175 


178 


175 


181 


182 


June 






206 


180 


196 


183 


177 


180 


180 


173 


180 


182 


July 






184 


190 


174 


185 


174 


180 


181 


177 


182 


181 


Aug. 






193 


185 


181 


183 


174 


186 


176 


175 


174 


183 


Sep. 






215 


186 


196 


182 


173 


183 


168 


182 


174 


181 


Oct. 






205 


173 


182 


182 


169 


165 


162 


181 


178 


176 


Nov. 






205 


169 


178 


178 


175 


169 


164 


181 


182 


183 


Dec. 






191 


159 


176 


169 


166 


174 


172 


185 


188 


181 


Y'rly av. 


192 


183 


177 


179 


173 


175 


172 


177 


183 


181 



180 Agricultueal Prices 

AVERAGE WEIGHT OF HOGS AT KANSAS CITY. 



January . . . 
February . . 
March . . . • 
April .... 

May 

June 

July 

August . . . . 
September . . 
October . . . 
November . . 
December . . 
Yearly aver, 



1903. 



218 



1904. 



207 



1905. 1906. 



208 



211 



1907. 



212 



1908. 



200 



1909. 



199 



1910. 



210 



1911. 



204 



1912. 



203 
203 
205 
204 
199 
198 
206 
205 



200 



AVERAGE WEIGHT OF HOGS AT KANSAS CITY— Continued. 



1913. 



1914. 



1915. 



1916. 



1917. 



1918. 



1919. 



1920. 



1921. 



1922. 



January . . . 
February . . 
March .... 
April .... 

May 

June 

July 

August .... 
September . . 
October . . . 
November . . 
December . . 
Yearly aver. 



213 
212 
213 
216 
208 
206 
202 
193 
190 
185 
178 
178 



183 
193 
200 
195 
197 
196 
196 
192 
192 
191 
186 
188 



201 
204 
201 
204 
204 
197 
199 
202 
198 
192 
194 
205 



204 
199 
203 
204 
202 
202 
204 
188 
181 
171 
172 
183 



189 
189 
192 
191 
193 
196 
190 
180 
183 
195 
198 
206 



218 
221 
213 
218 
213 
■207 
206 
191 
172 
173 
185 
194 



188 
201 
202 
194 
193 
194 
194 
193 
181 
175 
187 
189 



201 



191 200 193 



192 201 191 

























Jan. 
























Feb. 
























Mar. 
























Apr. 
























May 
























June 
























July 
























Aug. 
























Sep. 
























Oct. 
























Nov. 
























Dec. 






1 " 1 


















Totals 1 1 



















Appendix 

AVERAGE WEIGHT OF HOGS AT ST. JOSEPH. 



181 



11913. 



1914, 



1915, 



1916.1917. 



1918. 



1919, 



1920. 



1921.1922. 



January . . . 
February . . 
March .... 
April .... 

May 

June 

July 

August . . . . 
September . . 
October . . . 
November . . 
December . . 
Yearly aver, 



237 
227 
229 
229 
228 
232 
206 
232 
229 
218 
192 
192 



204 
215 
223 
216 
219 
213 
228 
231 
240 
218 
193 
210 



218 
220 
230 
240 
236 
240 
234 
245 
239 
217 
209 
210 



206 
215 
221 
227 
218 
217 
226 
239 
230 
215 
205 
206 



211 217 



228 219 



218 
226 
230 
225 
221 
223 
228 
226 
243 
233 
234 
228 



230 
242 
243 
241 
239 
230 
229 
234 
241 
226 
206 
205 



213 

218 
228 
228 
224 
224 
229 
237 
247 
234 
222 
219 



228 



230 227 



AVERAGE WEIGHT OF HOGS AT SIOUX CITY. 



January . . . 
February . . 
March .... 
April .... 

May 

June 

July 

August . . . . 
September . . 
October . . . 
November . . 
December . . 
Yearly aver. 



1903. 



248 



1904. 



1905, 



1906. 



1907. 



1908. 



247 244 2481 249 238 233 250 250 239 



1909, 



1910. 



1911. 



1912. 

215 
216 
223 
228 
232 
237 
237 
250 
255 
252 
266 
258 



AVERAGE WEIGHT OP HOGS AT SIOUX CITY— Continued. 



January . . . 
February . . 
March .... 
April .... 

May 

June 

July 

August . . . . 
September . . 
October . . . 
November , . 
December . . 
Yearly aver 



1913. 



249 
239 
250 
256 
261 
257 
256 
251 
238 
210 
211 
217 



J41 



1914. 



220 
228 
241 
240 
246 
254 
249 
262 
268 
286 
266 
255 



1915, 



232 
226 
242 
248 
251 
251 
256 
259 
270 
262 
228 
222 



251 246 



1916, 



215 
220 
225 
231 
236 
246 
250 
249 
249 
250 
236 
215 



1917. 



209 
211 
217 
225 
221 
232 
238 
239 
234 
231 
226 
235 



1918, 



200 
211 
244 
248 
242 
248 
258 
256 
267 
270 
261 
242 



231 2251 248 250 



1919. 



231 
230 
238 
240 
247 
251 
251i 
265 
273 
267 
268 
242 



1920. 



1921, 



1922. 



182 Agricultural Prices 

AVERAGE WEIGHT OF CATTLE AT CHICAGO. 





1903. 1904. 


1905. 


1906. 


1907. 


1908. 


1909. 


1910. 


1911. 


1912. 


January 

February 

March 

April 

Mav 


1.044 1,086 

1.064 1,080 

1.065 1,068 
1,020 1,033 

1.040 1,015 
1,062 1,008 
1,031 1,044 

1.045 1,011 
988 1,011 

1,005 966 

1.041 1,015 
1,0781,035 


1,066 

1,068 

1,000 

938 

950 

988 

1,043 

1,033 

1,020 

1,020 

1,046 

1,048 


1,041 

1,046 

1,023 

981 

962 

1,001 

1,008 

1,005 

993 

964 

993 

995 


1,005 

1,025 

1,012 

973 

960 

977 

983 

966 

930 

945 

1,001 

1,021 


1,049 
1,069 
1,020 
1,058 
1,064 
1,040 
1,061 
1,057 
1,022 
1,005 
991 
1,019 


1,025 

1,042 

1,022 

1,055 

1,082 

1,092 

1,074 

1,022 

994 

974 

995 

999 


1,019 

1,010 

995 

1,036 

1,024 

1,006 

980 

939 

949 

947 

990 

995 


987 

1,031 

1,030 

1,068 

1,080 

1,036 

1,017 

995 

985 

966 

889 

972 


1,018 
990 
991 
999 
994 


June 


999 


July 


1,003 


August 

September 

October 

November 

December 


958 
953 
951 
957 
980 


Yearly aver. . . . 


1,039 1,032|1,019|1,000 


979 


1,036 


1,036 


990 


997 


981 



AVERAGE WEIGHT OF CATTLE AT CHICAGO— Continued. 



1913. 



1914. 



1915. 



1916. 



1917. 



1918. 



1919. 



1920, 



1921. 



1922. 



January . . 
February 
March . . 
April . . , 
May . . . 
June . . , 
July . . . 
August . . 
September 
October . 
November 
December , 



1,002 
1,006 

929 
1,040 
1,040 
1,069 
1,037 
1,021 

992 

980 
1,011 

997 



996 

1,013 

1,012 

1,036 

1,021 

1,008 

1,000 

999 

981 

958 

1,015 

1,003 



1,027 
1,041 
1,055 
1,089 
1,075 
1,076 
1,032 
1,050 
1,047 
1,024 
1,017 
1,037 



1,044 

1,038 

1,025 

1,025 

1,010 

1,000 

1,009 

980 

943 

950 

954 

957 



980 
962 
992 
969 
982 
961 
957 
931 
930 
873 
911 
911 



946 
953 
956 
975 
914 
966 
912 
943 
914 
921 
930 
933 



885 
932 
918 
946 
937 
966 
917 
959 
896 
954 
929 
935 



Yearly aver. . . . 1,008|1,002 1,046 987 



939 941 936 

























Jan. . 
























Feb. 
























Mar. 
























Apr. 
























May 
























June 
























July 
























Aug. 
























Sep. 
























Oct. 
























Nov. 
























Dec. 
























Totals 1 1 
















_ 



Appendix 183 

AVERAGE WEIGHT OF SHEEP AND LAMBS AT CHICAGO. 



|1903.|1904.|1905.|1906. 1907. 



January , . . 
February , , 
March .... 
April .... 

May 

June 

July 

August .... 
September . . 
October . . . 
November . . 
December . . . 
Yearly aver. 



86 
82 
87 
85 
80 
80 
81 
77 
79 
82 
87 



89 
89 

88 
89 
87 
82 
82 
79 
78 
75 
80 



831 841 83 



86 
83 
82 
82 
82 
80 
80 
79 
78 
79 
80 
85 



86 
86 
86 
85 
84 
81 
81 
81 
82 
80 
81 



1908. 1909 



85 
84 
86 
84 
85 
82 
79 
79 
79 
79 
81 
82 



81 831 



82 



84 
83 
84 
84 
81 
77 
76 
80 
79 
80 
81 
79 



83 



1910, 



1911. 



90 

88 
86 
85 
84 
75 
76 
78 
72 
73 
78 
83 



811 79 79 



1912. 



82 
82 
84 
82 
80 
76 
75 
75 
77 
78 
82 
85 



AVERAGE WEIGHT OP SHEEP AND LAMBS AT CHICAGO— Continued. 



(1913 



January . . . 
February . . 
March .... 
April .... 

May 

June 

July 

August .... 
September . . 
October . . . 
November . . 
December . . 
Yearly aver. 



87 
85 
84 
85 
82 
77 
76 
78 
75 
73 
78 
80 
79 



1914.11915. 1916 



81 
81 
84 
83 
82 
74 
76 
76 
73 
71 
83 
83 
78 



82 
81 
82 
83 
81 
72 
73 
79 
75 
78 
81 
82 
79 



1917. 



83 
85 
87 
85 
83 
74 
75 
76 
74 
74 
78 
79 
79 



81 
82 
85 
84 
83 
72 
71 
74 
74 
73 
77 
82 
78 



1918 



80 
84 
85 
84 
83 
73 
73 
78 
75 
72 
72 
79 
78 



1919 



79 
81 
80 
83 
82 
75 
73 
76 
72 
72 
73 
76 
76 



1920 



1921. 1922 

























Jan. 




L_ 




















Feb. 

























Mar. 
























Apr. 
























May 
























June 

























July 






1 1 


















Aug. 

























Sep. 

























Oct. 
























Nov. 
























Dec. 
























Totals 1 1 



















184 



AGmCULTURAL PrICES 



PERCENTAGE OF DIFFERENT GRADES OF CATTLE SLAUGHTERED 
AT CENTRAL MARKETS. 





>-5 


-1-3 


CD 

B 

Ph 
(V 


rQ 

o 

CJ 

o 


0) 

s 

> 
O 


5h 

a 

a; 

(D 

Q 


Steers — 

1,500 pounds and up . . . 
1,300 to 1,500 pounds . . . 
1,100 to 1,300 pounds . . . 
950 to 1,100 pounds .... 
950 pounds and down . . . 
Western, etc 


.236 
1.492 
8.709 

16.368 
3.790 
8.623 
5.674 
2.066 

46.956 

2.930 

2.947 
1.904 
7.781 

13.940 

1.584 

17.874 

33.398 

6.820 
1.076 
1.904 
2.053 
11.853 


.209 
1.276 
8.134 

13.421 
2.801 

17.432 
1.592 
1.049 

45.914 

2.270 

.581 

1.001 

3.852 

11.450 

6.782 

21.972 

40.204 

7.060 

1.854 

.399 

.821 

10.134 


ATI 

1.550 

6.548 

11.573 

2.994 

17.091 

1.756 

.661 

42.600 

2.180 

1.366 

.990 

4.536 

11.890 

5.234 

12.050 

29.174 

6.820' 
4.342 

11.734 
.719 

23.615 


.104 

1.241 

6.047 

9.524 

2.263 

17.358 

2.261 

.452 

39.250 

1.760 
.748 
.806 

3.314 

10.600 

7.566 

29.077 

47.243 

6.550 

2.558 

.476 

.608 

10.192 


.068 

.844 

6.796 

12.174 

2.819 

13.762 

1.572 

.847 

38.856 

1.570 

.774 

1.694 

4.038 

10.510 

9.195 

26.097 

45.802 

6.880 

2.706 

1.166 

.533 

11.285 


.058 

.738 

6.255 

13.387 

4.131 

7.425 


Canners 


3.582 


Baby beef 


1.673 


Total steers 

Bulls- 
Native 


37.249 
1.720 


Western, etc 


.687 


Canners 


.428 


TotaJ bulls 

Cows — 

Native or shipper 

' Western 


2.835 

15.990 
6.488 


Canner 


25.176 


Total cows 

Heifers- 
Native 


47.654 
9.340 


Western, etc 


1.846 


Canners 


.718 


Baby beef 


.353 


Total heifers 


12.257 



The above figures were compiled by Stephen Chase, of the Food Ad- 
ministration, for the last half of 1918. No other years are available. Note 
the large proportion of our beef supply which comes from canner cows 
and light steers. 



Appendix 



185 



YEARLY SHIPMENTS OF STOCKER AND FEEDER CATTLE 
FROM OMAHA. 

(000 omitted) 





1904. 


1905. 


1906. 


1907. 


1908. 


1909. 


1910. 


1911. 


Nebraska 


131 


137 


125 


Ill 


114 


125 


135 


155 


Iowa 


92 

1 


122 
2 


143 
1 


160 
1 


125 
4 


148 
3 


176 
10 


202 


Kansas 




Illinois 


8 


8 


9 


32 


36 


56 


62 


47 


Missouri 


11 


19 


12 


18 


24 


35 


35 


26 


South Dakota . . . . 


5 


22 


13 


31 


12 


7 


3 


1 


Colorado 












1 


1 


1 


Wyoming 


1 




1 


1 




1 


1 


1 


Other states 


9 


6 


5 


5 


3 


4 


9 


8 


Totals 


257 


816 


308 


359 


318 


380 


432 


443 



YEARLY SHIPMENTS OF STOCKER AND FEEDER CATTLE 
• PROM OMAHA— Continued. 

(000 omitted) 





1912. 


1918. 


1914. 


1915. 


1916. 


1917. 


1918. 


1919. 


Nebraska 


150 


126 


171 


224 


279 


284 


229 


293 


Iowa 


182 
2 


213 
1 


K2 
1 


172 
1 


207 
1 


199 

2 


190 
1 


282 


Kansas 


3 


Illinois 


39 


27 


20 


27 


18 


22 


36 


31 


Missouri 


21 


10 


11 


19 


7 


11 


9 


13 


South Dakota . . . . 


8 


16 


9 


15 


12 


22 


33 


16 


Colorado 


4 


1 


2 


2 


1 


1 


2 


2 


Wyoming 


6 


4 


4 


10 


3 


8 


7 


4 


Other states 


5 


8 


4 


7 


5 


16 


9 


11 


Totals 


416 


405 


375 


475 


533 


561 


517 


654 



186 



Agriculturai. Prices 



MONTHLY SHIPMENTS OF STOCKER AND FEEDER CATTLE 
FROM OMAHA. 

(000 omitted) 





1904. 


1905. 


1906. 


1907. 


1908. 


1909. 


1910. 


1911. 


January 

February 

March 


18 
13 
19 
16 
11 
9 
6 
14 
40 
49 
36 
25 


18 
13 
30 
16 
13 
21 
10 
24 
49 
64 
39 
28 


19 
22 
20 
14 
13 
13 
11 
23 
42 
55 
49 
27 


26 
19 
22 
17 
18 
31 
16 
33 
58 
75 
24 
20 


25 
19 
22 
16 
12 
18 
11 
25 
49 
55 
32 
34 


32 
22 
25 
19 
14 
12 
13 
38 
69 
63 
46 
28 


18 
21 
34 
22 
16 
15 
22 
51 
87 
68 
45 
30 


36 
29 

27 


April 


15 


May 


14 


June 


21 


July 


24 


August 


56 


September 

October 

November 

December 


64 
81 
49 
28 


Totals 


257 


316 


308 


359 


318 


380 


432 


443 



MONTHLY SHIPMENTS OF STOCKER AND FEEDER CATTLE 

FROM OMAHA— Continued. 

(000 omitted) 





1912. 


1913. 


1914. 


1915. 


1916. 


1917. 


1918. 


1919. 


January 

February 

March 


23 
24 
20 
22 
16 
11 
15 
39 
73 
98 
38 
38 


30 
24 
21 
20 
18 
10 
11 
41 
78 
80 
43 
29 


30 
24 
27 
22 
15 
11 
10 
31 
72 
72 
23 
37 


35 
20 
29 
32 
16 
13 
10 
28 
75 
104 
70 
44 


42 
42 
44 
24 
16 
15 
13 
49 
72 
105 
67 
44 


43 
32 
34 
29 
24 
22 
17 
39 
78 
100 
101 
44 


32 
27 
33 
31 
32 
19 
18 
45 
91 
80 
65 
44 


40 
30 
31 


April 


27 


May 


22 


June 


11 


July 


31 


August 


75 


September 

October 

November . . . . . . . 

December 


123 
135 

88 
43 


Totals 


416 


405 


375 


475 


533 


561 


517 


654 



Appendix 



187 



YEARLY SHIPMENTS OF STOCKER AND FEEDER SHEEP 
FROM OMAHA. 

(000 omitted) 





1907. 


1908. 


1909. 


1910. 


1911. 


1912. 


1913. 


Nebraska 


286 

306 

263 

82 

27 

19 

9 

6 

1 

10 


326 
331 

281 

34 

55 

28 

6 

8 

6 

5 

5 

2 


316 

294 

198 

22 

66 

18 

4 

19 

8 

7 

7 

2 


571 

551 

279 

96 

116 

3 

18 

20 

9 

18 

8 

4 


474 

545 

264 

94 

62 

9 

23 

21 

10 

17 


305 

483 

383 

57 

50 

4 

26 

10 

12 

20 


304 


Iowa 


715 


Illinois 


275 


Missouri 


52 


Michigan 


35 


Minnesota 


33 


Wisconsin 


19 


Kansas 


3 


Indiana 




South Dakota 

Ohio 


23 


Other states 


12 






Totals 


1,010 


1,087 


960 


1,704 


1,519 


1,350 


1,469 







YEARLY SHIPMENTS OP STOCKER AND FEEDER SHEEP 

FROM OMAHA— Continued. 

(000 omitted) 





1914. 


1915. 


1916. 


1917. 


1918. 


1919. 


Nebraska 


328 

434 

81 

47 

14 

26 

5 

3 

12 

17 


273 

443 

130 

56 

67 

6 

10 

4 

11 

67 


389 

479 

70 

37 

7 

12 

3 

7 

14 

7 


555 

538 

98 

42 

8 

22 

6 

4 

20 

8 


463 

711 

207 

54 

8 

53 

9 

7 

38 

15 


638 


Iowa 


744 


Illinois 


140 


Missouri 


85 


Michigan 


23 


Minnesota 


22 


Wisconsin 


11 


Kansas 


14 


Indiana 




South Dakota 


57 


Ohio 




Other states 


25 






_ Totals 


967 


1,067 


1,026 


1,302 


1,566 


1,757 



188 



AGRicuiiTURAii Prices 



MONTHLY SHIPMENTS OF STOCKER AND FEEDER SHEEP 
FROM OMAHA. 

(000 omitted) 





1907. 


1908. 


1909. 


1910. 


1911. 


1912. 


1913. 


January 

February . 


17 

42 

79 

88 

16 

7 

18 

69 

250 

298 

120 

28 


17 

38 

51 

72 

42 

16 

19 

87 

331 

221 

140 

53 


25 

30 

49 

23 

4 

12 

22 

110 

237 

315 

100 

34 


18 

18 

37 

32 

25 

19 

82 

227 

479 

483 

255 

28 


29 

34 

46 

33 

12 

14 

30 

180 

443 

470 

198 

31 


26 

23 

94 

94 

21 

12 

29 

132 

273 

425 

154 

56 


43 

42 


March 


47 


April 


43 


May 


12 


June 


2 


July 


28 


August 


122 


September 


504 


October 


465 


November 


120 


December 


40 






Totals 


1,010 


1,087 


960 


1,704 


1,519 


1,350 


1,469 







MONTHLY SHIPMENTS OF STOCKER AND FEEDER SHEEP 

FROM OMAHA— Continued. 

(000 omitted) 





1914. 


1915. 


1916. 


1917. 


1918. 


1919. 


January , 


35 
32 
26 
20 
5 
5 

81 

118 

302 

317 

52 

25 


25 

18 

5 

4 

1 

10 

42 

148 

378 

274 

122 

39 


16 

23 

13 

7 

1 

14 

26 

170 

327 

302 

91 

30 


18 

18 

11 

7 

3 

10 

46 

174 

409 

357 

150 

97 


31 

30 

28 

28 

■ 14 

17 

58 

256 

545 

419 

89 

51 


41 


February 


23 


Marcli 


27 


April 


27 


May 


18 


June 


28 


July 


143 


August 


433 


September 


605 


October 


248 


November 


78 


December 


80 






Totals 


967 


1,067 


1,026 


1,302 


1,566 


1,757 







Appendix 



189 



SHIPMENTS OF FEEDERS FROM KANSAS CITY. 

(000 omitted) 





1903. 


1904. 


1905. 1906. 


1907. 


1908. 


1909. 


1910. 


1911. 


1912. 


Jan. . . . 














57 


36 


50 


35 


Feb. 


















44 


25 


47 


35 


Mar. 


















45 


47 


45 


25 


Apr. 


















33 


27 


34 


33 


May 


















30 


26 


28 


23 


June 


















30 


26 


35 


16 


July 


















34 


32 


48 


23 


Aug. 


















67 


73 


62 


74 


Sep. 


















108 


107 


77 


117 


Oct. 


















120 


115 


127 


162 


Nov. 


















86 


87 


87 


76 


Dec. 


















54 


54 


35 


63 


Totals 














708 


655 


675 


682 



SHIPMENTS OF FEEDERS FROM KANSAS CITY— Continued. 
(000 omitted) 





1913. 


1914. 


1915. 


1916. 


1917. 


1918. 


1919. 


1920. 


1921. 


1922. 


Jan. . , . 


58 


72 


53 


56 


62 


41 


86 








Feb. 






46 


45 


32 


54 


51 


54 


66 








Mar. 






46 


47 


50 


56 


49 


65 


62 








Apr. 






34 


47 


54 


41 


54 


59 


84 








May 






28 


28 


33 


46 


49 


62 


60 








June 






28 


27 


24 


40 


55 


42 


50 








July 






56 


39 


29 


42 


63 


60 


41 








Aug. 






139 


55 


56 


113 


94 


120 


92 








Sep. 






172 


n4 


134 


123 


132 


159 


127 








Oct. 






161 


152 


186 


178 


131 


175 


167 








Nov. 






91 


84 


161 


101 


143 


141 


121 








Dec. 




. 


54 


69 


88 


42 


66 


76 


70 








Totals 


913 


779 


900 


892 


949 


1,054 


1,026 































Jan. 


























Feb. 


























Mar. 


























Apr. 






1 




















May 


























June 


























July 


























Aug. 


























Sep. 


























Oct. 


























Nov. 


























Dec. 


























Totals 1 





















190 



Agricultural, Prices 



BUREAU OF MARKETS REPORTS ON LIVE STOCK MOVEMENTS. 

(000 omitted) 



1916. 



1917. I 1918. 



1919. 



1920. 1921. 1922 



Hog receipts at 54 markets 
Shipments of stocker and 
feeder hogs from 18 mar- 
kets 

Cattle receipts at 54 markets 
Shipments of stocker and 
feeder cattle from 35 mar- 
kets 

Sheep receipts at 54 markets 



43,112 



142 
17,553 



3,843 
20,434 



35,733144,534 



43,780 



640 
22,210 



4,705 
18,671 



683 617 
24,977 24,313 



4,688 
21,720 



4,900 
25,862 



At this date, in early 1920, the Bureau of Markets is reporting for 
about 69 markets. Hog receipts as given are 97 per cent of receipts at 69 
markets; cattle, 98 per cent; sheep, 95 per cent, stocker and feeder cattle, 
93 per cent; stocker hogs, 69 per cent. 



^'ARGENTINE WHEAT PRICE. 

(Per bushel) 



11910. 


1911. 


1912. 


1913. 


1914. 


1915. 


1916. 


1917. 


1918. 


1919. 


January 


1 13 


$ 

.92 

.91 

.88 

.88 

. 91 

.90 

.92 

.97 

1.06 

1.06 

1.04 

1.12 


$ 

1.02 

.97 

.95 


$ 

.89 
.89 
.91 


1.00 
1.00 
.99 
.97 
1.01 
1.03 
1.06 
1.07 
1.09 
1.06 
1.12 
1.13 


$ 
1.24 
1.42 
1.40 
1.43 
1.50 
1.28 
1.44 
1.45 
1.44 
1.38 
1.30 
1.16 


$ 

1.08 

1.08 

.99 

.95 

.87 

.85 

.86 

1.11 

1.21 

1.46 

1.68 

1.42 


$ 
1.60 
1.60 
1.66 
1.71 
2.00 
2.18 
2.20 
2.05 
1.90 
:L89 
1.82 
1.37 


$ 
1.44 
1.48 
1.52 
1.52 
1.47 
1.46 
1.35 
1.28 
1.26 
1.28 


$ 


February 

March 


1.07 
1 07 


1.26 


April 


1 01 


.93 1.04 


1.26 


May 

June 


.91 
.83 
1.18 
.97 
.91 
9^ 


.89 
.91 
.90 
.91 
.89 
.91 
.86 
.90 


1.03 
1.04 
1.04 
1.06 
1.08 
1.02 
1.07 
1.03 




July 




August 

September 

October 


1.92 
1.92 
1.68 


November 

December 


.89 
.86 


1.70 



'ARGENTINE CORN PRICE. 

(Per bushel) 



|1910. 


1911.11912. 


1913. 


1914. 


1915. 


1916. 


1917. 


1918. 


1919. 


January 


$ 
.69 


.56 
.55 
.53 
.60 
.70 
.75 
.87 
.95 
1.01 
.99 
.95 
.98 


$ 
1.04 
.94 
.63 
.58 
.52 
.50 
.49 
.50 
.48 
.49 
.49 
.57 


$ 

.52 

.51 

.52 

.52 

.54 

.53 

.51 

.54 

.60 

.58 

.59 

.58 


$ 

.55 
.55 
.56 

.52 
.57 
.54 
.56 
.53 
.50 
.45 
.50 
.50 


$ 

.52 

.58 

.56 

.59 

.53 

.49 

.49 

.49 

.48 

.50 

.52 

.50 


$ 

.55 
.58 
.53 
.49 
.42 
.40 
.44 
.50 
.52 
.67 
1.05 
.87 


$ 

1.01 

1.00 

.94 

.99 

1.21 

1.38 

1.37 

1.40 

.93 

.85 

.86 

.77 


.70 
.71 
.69 

.55 
.73 

.70 


.56 


February 

March 


.68 
.66 


.56 
.49 


April 


6^ 


54 


May 


.57 




June 


48 




July 


.51 




August 


55^ 


1 13 


September 

October 


.51 
.49 


1.03 

.85 


November 

December 


.48 
.61 


.85 



*Prices for both wheat and corn are taken from the Year Books of 
the Rosario Board of Trade. Rosario is the Chicago of Argentina. The 
Argentine unit of weight, the quintal, is taken as equivalent to 3.67 bushels 
of wheat and 3.936 bushels of corn. The Argentine dollar is taken as 
equivalent to 42.6 cents. After July of 1918, prices are taken from the 
International Institute of Agriculture. 



Appendix 



191 



EXPORTS OF PORK AND PORK PRODUCTS FROM THE UNITED 
STATES— IN POUNDS. 

(000,000 omitted) 





1903. 


1904. 


1905. 


1906. 


1907. 


1908. 


1909. 


1910. 


1911. 


1912. 


Jan. 

Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

Dec. 






119 
89 
88 
68 
63 
85 
80 
85 
95 
93 
95 

120 


121 
97 
87 
80 
76 
98 
75 
83 
98 

101 
88 

113 


109 
108 
121 
111 

99 
106 
111 
111 

99 
105 
119 
158 


162 

137 

109 

120 

108 

107 

114 

124 

121 

94 

79 

97 


129 

115 

101 

93 

95 

97 

160 

114 

83 

83 

88 

75 


124 

156 

135 

105 

79 

83 

81 

73 

82 

78 

78 

112 


104 
88 

105 
83 
78 
87 
63 
68 
60 
55 
63 
66 


75 
66 
60 
34 
92 
50 
62 
69 
58 
50 
51 
74 


75 
79 
85 
87 

101 
97 
84 
82 

107 
80 
77 
97 


99 
103 
105 
86 
93 
66 
72 
79 
79 
66 
67 
82 


Totals 


1,080 


1,117 


1,357 


1,372| 1,233 


1,186 


920 


741 


1,051 


996 



EXPORTS OP PORK AND PORK PRODUCTS FROM THE UNITED 

STATES— IN POUNDS— Continued. 

(000,000 omitted) 



' 


1913. 


1914. 


1915. 


1916. 


1917. 


1918. 


1919. 


1920. 


1921. 


1922. 


Jan. 

Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

Dec. 






92 

107 

97 

83 

84 
76 
82 
83 

74 
77 
80 
87 


102 
74 
70 
61 
66 
67 
53 
54 
59 
73 
74 
74 


106 

119 

169 

114 

89 

122 

95 

90 

100 

113 

108 

143 


133 

162 

120 

134 

148 

112 

77 

93 

106 

95 

114 

157 


199 

123 

168 

138 

127 

103 

46 

71 

79 

54 

99 

90 


93 

114 
308 
286 
281 
169 
253 
170 
115 
132 
123 
206 


198 
236 
342 
349 
185 
400 
241 
179 
117 
116 
129 
143 


135 






Totals 


1,021 


828 


1,368 


1,451 


1,298 


2,251 


2,635 































Jan. 


























Feb. 


























Mar. 


























Apr. 


























May 


























June 


























July 


























Aug. 


























Sep. 


























Oct. 


























Nov. 


























Dec. 


























Totals 























192 



AGRICULTURAIi PbICES 



EXPORTS OF WHEAT.* 

(In bushels— 000,000 omitted) 





1903. 


1904. 


1905. 


1906. 


1907. 


1908. 


1909. 


1910. 


1911. 


1912. 


Jan. . . . 


16 


12 


3 


10 


11 


19 


8 


5 


7 


6 


Feb. 






12 


8 


3 


9 


9 


13 


6 


3 


5 


5 


Mar. 






12 


7 


3 


7 


9 


9 


5 


4 


6 


6 


Apr, 






15 


5 


3 


7 


11 


8 


4 


5 


5 


5 


May 






15 


4 


4 


7 


13 


9 


5 


5 


6 


4 


June 






12 


4 


3 


6 


11 


9 


3 


3 


4 


3 


July 






10 


3 


2 


7 


7 


8 


4 


3 


6 


3 


Aug. 






12 


4 


4 


13 


10 


17 


9 


5 


10 


9 


Sep. 






15 


4 


7 


18 


15 


18 


12 


6 


11 


IT 


Oct. 






16 


5 


11 


17 


20 


18 


14 


7 


9 


21 


Nov. 






13 


5 


12 


14 


21 


12 


13 


7 


■ 7 


16 


Dec. 






15 


4 


16 


13 


23 


11 


9 


8 


8 


15 



*Flour exports converted into wheat at the rate of four and one-half 
bushels of wheat to a barrel. 



EXPORTS OF WHEAT— Continued.* 
(In bushels— 000,000 omitted) 





1913. 


1914. 


1915. 


1916. 


1917. 


1918. 


1919. 


1920. 


1921. 


1922. 


Jan. . . . 


13 


- 10 


32 


21 


24 


12 


22 








Feb. 






9 


8 


31 


21 


14 


10 


16 








Mar. 






9 


7 


28 


24 


12 


12 


20 








Apr. 






11 


7 


29 


22 


19 


12 


31 








May 






11 


11 


20 


21 


16 


11 


26 








June 






9 


11 


13 


12 


21 


11 


33 








July 






13 


30 


12 


11 


8 


11 


14 








Aug. 






28 


28 


20 


15 


10 


19 


19 








Sep. 






18 


31 


26 


18 


7 


28 


25 








Oct. 






13 


26 


24 


16 


11 


25 


21 








Nov. 






10 


26 


19 


19 


11 


22 


23 








Dec. 






11 


37 


20 


19 


15 


34 


15 









*Flour exports converted into wheat at the rate of four and one-half 
bushels of wheat to a barrel. 





















Jan. 






















Feb. 






















Mar. 






















Apr. 






















May 






















June 






















July 






















Aug. 






















Sep. 






















Oct. 






















Nov. 






















Dec. 






















Totals 



















Appendix 



193 



EXPORTS OF CORN. 

(In bushels — 000 omitted) 





1903. 


1904. 


1905. 


1906. 


1907. 


1908. 


1909. 


1910. 


1911. 


1912. 


Jan. . . . 


11,026 


5,059 


16,440 


27,257 


9,151 


6,441 


6,216 


6,105 


9,947 


7,646 


Feb. 






13,070 


6,842 


14,214 


17,795 


11,446 


9,519 


5,342 


4,547 


11,033 


7,022 


Mar. 






15,644 


7,879 


14,617 


12,870 


12,277 


4,507 


4,856 


5,229 


9,773 


5,267 


Apr. 






10,302 


3,139 


12,275 


8,932 


9,656 


2,476 


4,900 


3,628 


5,374 


1,815 


May- 






5,973 


1,388 


6,546 


5,034 


7,446 


1,153 


1,110 


2,131 


3,715 


830 


June 






5,903 


1,738 


4,431 


2,648 


5,553 


737 


685 


1,997 


4,650 


687 


July 






5,185 


2,086 


4,113 


3,173 


7,305 


430 


739 


2,181 


2,410 


747 


Aug. 






3,180 


3,088 


4,844 


3.185 


4,970 


391 


810 


2,390 


1,314 


561 


Sep. 






3,707 


3,304 


5,711 


3,388 


2,892 


523 


1,019 


3,607 


3,778 


829 


Oct. 






7,136 


2,533 


4,028 


6,036 


3,770 


1,795 


2,200 


3,587 


2,934 


1,154 


Nov, 






5,984 


1,325 


5,861 


4,837 


4,131 


3,154 


2,351 


2,018 


1,229 


1,102 


Dec. 






4,623 


8,098 


18,373 


7,093 


4,545 


6,453 


5,930 


5,206 


5,043 


3,274 



EXPORTS OF CORN— Continued. 
(In bushels — 000 omitted) 



1913. 



1914. 



1915. 



1916. 



1917. 



1918. 



1919. 



1920. 



1921. 



1922. 



Jan. 
Feb. 
Mar. 
Apr. 
May 
June 
July 
Aug. 
Sep. 
Oct. 
Nov. 
Dec. 



11,317 

12,307 

10,109 

5,596 

1,252 

743 

926 

709 

670 

404 

444 

773 



1,148 

928 

1,170 

709 

538 

926 

560 

491 

1,152 

1,052 

2,153 

4,781 



5,224 
7,855 
8,815 
9,105 
3,735 
3,845 
2,161 
959 
888 
1,019 
1,642 
2,790 



3,498 
5,151 
4,837 
5,107 
5,536 
4,811 
5,483 
6,700 
3,760 
3,886 
2,290 
2,891 



7,253 
6,597 
10,834 
6,463 
4,838 
3,720 
3,146 
2,670 
980 
1,602 
1,622 
2,445 



1,953 
3,203 
7,658 
8,645 
3,793 
3,279 
2,009 
1,850 
2,496 
2,335 
1,700 
991 



1,177 
976 
683 
699 
878 
910 
588 
816 

1,210 
868 
962 

1,525 





















Jan. 




















Feb. 




















Mar. 




















Apr. 




















May 




















June 




















July 




















Aug. 




















Sep. 




















Oct. 




















Nov. 




















Dec. 




















Totals 

















194 



Agricultural Prices 



IOWA CORN PRICES. 

(Prices on farms or nearest shipping point, first of each month.) 





1910. 


1911. 1912. 


1913. 


1914. 


1915. 


1916. 


1917. 


1918. 


1919. 


Ten- 

yr. 


January . . 
February 
March . . 
April . , 
May . . . 
June . . . 
July . . . 
August . . 
September 
October . 
November . 
December . 






$ 

.51 

.54 

.52 

.51 

.48 

.50 

.53 

.55 

.56 

.49 

.39 

.36 


.36 
.37 
.37 
.38 
.41 
.44 
.49 
.56 
.56 
.57 
.57 
.53 


$ 

.52 

.55 

.56 

.61 

.69 

.70 

.67 

.65 

.67 

.61 

.50 

.35 


$ 

.36 
.38 
. 39 
.41 
.45 
.50 
.52 
.54 
.66 
.66 
.60 
.60 


$ 

.58 

.56 

.56 

.59 

.59 

.63 

.63 

.64 

.72 

.69 

.61 

.55 


$ 

.57 

.66 

.65 

.64 

.68 

.68 

.69 

.71 

.71 

.66 

.59 

.51 


$ 

.57 

.62 

.61 

.65 

.66 

.68 

.69 

.73 

.77 

.76 

.78 

.80 


$ 

.80 
.88 
.92 
1.11 
1.40 
1.46 
1.56 
2.02 
1.65 
1.70 
1.36 
1.08 


$ 
1.21 
1.21 
1.34 
1.36 
1.40 
1.35 
1.37 
1.47 
1.50 
1.38 
1.15 
1.22 


$ 
1.36 
1.25 
1.22 
1.40 
1.54 
1.63 
1.66 
1.84 
1.69 
1.32 
1.11 
1.20 


av. 

.684 
.702 
.714 
.766 
.830 
.857 
.881 
.971 
.949 
.884 
.766 
.720 


Yearly a^ 


i-e 


c. 


.495! -467 


.5901 .506] .612 


.646 


.693 


1.328 


1.330 


1.435 


.810 



IOWA OATS PRICES. 

(Prices on farms or nearest shipping point, first of each month.) 

























Ten- 




1910. 


1911. 


1912. 


1913. 


1914. 


1915. 


1916. 


1917. 


1918. 


1919. 


yr. 

av. 




§ 


$ 


$ 


$ 


$ 


$ 


$ 


$ 


$ 


$ 




January . . . . 


.38 


.27 


.41 


.28 


.35 


.43 


.86 


.46 


.71 


.64 


.429 


Febraary . . . 


.41 


.27 


.44 


.28 


.34 


.48 


.43 


.51 


.76 


.54 


.446 


March 


.41 


.26 


.45 


.28 


.34 


.50 


.39 


.51 


.83 


.54 


.451 


April 


.41 


.26 


.47 


.29 


.34 


.51 


.38 


.56 


.84 


.58 


.464 


May 


.37 


.27 


.51 


.30 


.34 


.50 


.38 


.63 


.82 


.64 


.476 


June 


.37 


.29 


.48 


.32 


.35 


.48 


.37 


.61 


.69 


.62 


.458 


July 


.36 


.35 


.46 


.34 


.34 


.42 


.36 


.62 


.71 


.65 


.461 


August 


.35 


.35 


.33 


.34 


.31 


.43 


.35 


.68 


.67 


.70 


.451 


September . . . 


.29 


.36 


.26 


.36 


.39 


. 32 


.39 


.51 


.62 


.63 


.413 


October . . . . 


.28 


.39 


.27 


.36 


.40 


.30 


.41 


.54 


.64 


.60 


.419 


November . . . 


.27 


.41 


.28 


..34 


.39 


.31 


.45 


.54 


.62 


.61 


.422 


December ., . . 


.27 


.41 


.27 


.34 


.41 


.32 


.48 


.63 


.64 


.64 


.441 


Yearly aver. 


.348 


.324 


.386 


.319 


.359 


.417 


.396 


.567 


.713 


.616 


.444 



IOWA HOG PRICES. 

(Prices on farms or nearest shipping point, fifteenth of each month.) 



1910. 


1911. 


1912. 


1913. 


1914. 


1915. 


1916. 


1917. 


1918. 


1919. 


Ten- 

yr. 

av. 


January . . 
February . 
March . . . 
April . , . 
May .... 




$ 
7.80 
8.10 
9.60 
9.50 
8.60 


$ 
7.50 
6.90 
6.40 
5.80 
5.40 
5.40 
5.90 
6.90 
6.60 
5.90 
5.70 
5.60 


$ 
5.60 
5.70 
6.00 
7.20 
7.10 
6.90 
6.90 
7.60 
7.80 
8.20 
7.20 
7.00 


$ 
6.90 
7.50 
8.10 
8.50 
7.70 
8.00 
8.30 
7.90 
7.70 
7.60 
7.30 
7.10 


7.70 
8.00 
8.10 
8.10 
7.80 
7.50 
8.00 
8.50 
8.30 
7.20 
6.80 
6.50 


$ 
6.40 
6.20 
6.20 
6.50 
6.90 
7.00 
6.90 
6.40 
6.70 
7.40 
6.10 
5.80 


$ 
6.20 
7.50 
9.00 
9.00 
9.10 
8.80 
9.10 
9.30 
9.90 
9.00 
9.10 
9.00 


$ 
9.80 
11.40 
13.80 
15.30 
15.10 
14.80 
14.50 
15.70 
16.90 
16.90 
15.80 
16.20 


$ 
15.60 
15.30 
16.20 
16.40 
16.60 
15.80 
16.30 
18.00 
18.40 
17.00 
16.40 
16.40 


$ 
16.40 
16.50 
17.40 
18.70 
19.50 
19.30 
20.80 
20.10 
15.50 
13.40 
13.50 
12.30 


8.99 

9.31 

10.08 

10.50 

10.38 


June .... 
July .... 

August . . . 




8.80 
8.20 
7.60 
8.40 
7.90 
7.30 
6.90 


10.23 
10.49 
10 80 


September . 
October . . 
November . 
December . . 




10.62 

10.05 

9.52 

9.28 


Yearly avei 


[■. 


8.23 


6.17 


6.94| 7.721 7.71 


6.54 


8.75 


14.68 


16.53|16.95 


10.02 



Appendix 



195 



IOWA BEEF CATTLE PRICES. 

(Prices on farms or nearest shipping point, fifteentli of each month.) 

























Ten- 




1910. 


1911. 


1912. 


1913. 


1914. 


1915. 


1916. 


1917. 


1918. 


1919. 


yr. 

av. 




$ 


$ 


$ 


$ 


$ 


$ 


$ 


$ 


$ 


$ 




January . . . . 


5.40 


5.10 


5.40 


6.50 


7.00 


6.70 


6.90 


8.20 


9.90 


12.40 


7.35 


February . . . 


5.00 


5.00 


5.40 


6.80 


7.30 


6.50 


7.20 


8.90 


10.30 


12.80 


7.52 


March 


5.80 


5.00 


5.60 


7.10 


7.40 


6.50 


7.60 


8.70 


10.40 


13.50 


7.76 


April 


6.20 


5.10 


6.00 


7.40 


7.40 


6.60 


7.70 


10.10 


11.90 


14.10 


8.25 


May 


5.90 4.90 


6.20 


7.10 


7.30 


7.00 


8.00 


10.20 


12.70 


13.60 


8.29 


June 


5.60 


4.90 
4.80 


6.20 
6.50 


7.10 
7.20 


7.40 

7.70 


7.30 

7.80 


8.50 
8.20 


10.30 
10.20 


12.60 
12.80 


11.90 
12.30 


8 18 


July 


5.30 


8.28 


August 


5.10 


5.20 


6.80 


7.00 


7.80 


7.40 


7.80 


10.20 


12.30 


12.60 


8.22 


September . . . 


5.20 


5.00 


6.80 


7.20 


7.70 


7.10 


8.10 


10.60 


12.90 


11.80 


8.24 


October .... 


5.00 


5.10 


6.80 


7.10 


7.40 


7.20 


7.80 


10.40 


11.90 


10.10 


7.88 


November . . . 


4.90 


5.10 


6.40 


7.10 


7.00 


6.80 


7.80 


10.10 


11.90 


11.50 


7.86 


December . . . 


4.70 5.20 


6.70 


6.90 


6.90 


6.70 


7.90 


9.70 


11.70 


11.60 


7.80 


Yearly aver. 


5.34 5.04 


6.24 


7.04 


7.36 


6.97 


7.79! 9.80 


11.77 


12.35 


7.97 



IOWA WOOL PRICES. 

(Prices on farms or nearest shipping point, fifteenth of each month.) 

























Ten- 




1910. 


1911. 


1912. 


1913. 


1914. 


1915. 


1916. 


1917. 


1918. 


1919. 


yr. 
av. 




$ 


$ 


$ 


$ 


$ 


$ 


$ 


$ 


$ 


$ 




January , . . . 


.26 


.19 


.17 


.19 


.17 


.18 


.24 


.30 


.59 


.59 


.288 


February . . . 


.26 


.19 


.18 


.19 


.17 


.19 


.27 


.30 


.60 


.53 


.288 


March 


.26 


.19 


.18 


.20 


.17 


.22 


.26 


.35 


.60 


.51 


.294 


April 


.24 


.18 


.18 


.19 


.17 


.23 


.28 


.39 


.60 


.52 


.298 


May 


.24 


.16 


.19 


.17 


.18 


.22 


.29 


.43 


.60 


.51 


.299 


June 


.20 


.16 


.20 


.17 


.19 


.25 


.31 


.52 


.60 


.49 


.309 


July 


.21 


.16 


.20 


.18 


.20 


.25 


.30 


.57 


.61 


.54 


.322 


August . . , . . 


.21 


.17 


.21 


.16 


.20 


.25 


.30 


.56 


.61 


.54 


.321 


September . . . 


.20 


.17 


.20 


.17 


.19 


.25 


.30 


.58 


.60 


.52 


.318 


October . . . . 


.19 


.17 


.20 


.17 


.19 


. 26 


.30 


.56 


.59 


.50 


.313 


November . . . 


.19 


.17 


.19 


.18 


.18 


.24 


.30 


.55 


.61 


.52 


.313 


December . . . 


.19 


.17 


.20 


.18 


.18 


.24 


.29 


.57 


.58 


.51 


.311 


Yearly aver. 


.221 


.174 


.192 


.179 


.183 


.232 


.287 


.474 


.599 


.525 


.307 



IOWA BRAN PRICES. 

(Prices on farms or nearest shipping point, fifteenth of each month.) 



1910.1911.11912. 



1913.1914. 



1915.1916. 



1917. 



1918. 



1919. 



Ten- 

yr. 

av. 



January 
February 
March . 
April . 
May . . 
June . . 
. July . . 
August . 
September 
October . 
November 
December 



|24.30|24. 

|25.80|24. 

|26.50I24. 

|25.60|23. 

I23.90J24, 

!24.70!25, 
25 
25, 
24, 
25. 
25, 



24.50 
24.20 
23.80 
23.50 
24.10 
123.90125 



10125 

40 

00 

90 

70 

10 

10 

20 



27, 
28, 
28, 
28, 
27, 
26 
26 
25 
25 
24 
90124 



40 



10123, 

00124, 
00|24, 
30|24 
10124 



90 26.40 
30 27.00 
90 26.90 
00 26.70 
30126.70 
00J25.60 
40|25.80 
0025.50 
80|25.10 
10|24.10 
90123.30 
2023.00 



Yearly aver. 124.56124.86126. 41123.74125. 48125. 51 25.45138.30 39.46146.22 30.00 



24.50 
24.70 
24.40 
24.30 
24.30 
24.50 
24.20 
24.50 
25.00 
25.80 
29.25 
30.00 



31.30 
33.10 
38.00 
41.20 
42.50 
39.30 
38.90 
41.00 
38.50 
37.60 
37.50 
40.70 



39.90 
40.40 
41.80 
41.30 
41.40 
41.80 
41.80 
38.30 
36.70 
37.00 
36.30 
36.60 



46.80 
47.00 
47.00 
45.20 
47.00 
45.70 
45.50 
46.90 
47.50 
43.80 
45.50 
46.80 



29.31 
29.89 
30.69 
30.63 
30.79 
30.25 
29.95 
30.00 
29.66 
29.20 
29.56 
30.04 



196 



Agricultural, Prices 



ILLINOIS CORN PRICES. 

(Prices on farms or nearest shipping point, first of each month.) 

























Ten- 




1910. 


1911. 


1912. 


1913. 


1914. 


1915. 


1916. 


1917. 


1918. 


1919. 


yr. 
av. 




$ 


$ 


$ 


$ 


$ 


$ 


$ 


$ 


$ 


$ 




January . . . . 


.55 


.39 


.55 


.41 


.64 


.64 


.62 


.84 


1.16 


1.34 


.714 


February , . . 


.59 


.40 


.59 


.45 


.60 


.70 


.65 


.92 


1.25 


1.20 


.735 


March 


.59 


.40 


.60 


.46 


.60 


.68 


.65 


.98 


1.36 


1.23 


.755 


April 


.57 


.40 


.65 


.47 


.64 


.69 


.65 


1.09 


1.30 


1.42 


.788 


May 


.54 


.43 


.74 


.51 


.63 


.74 


.69 


1.47 


1.33 


1.56 


.864 


June 


.54 


.47 


.77 


.55 


.68 


.73 


.69 


1.54 


1.25 


1.67 


.889 


July 


.57 


.51 


.73 


.58 


.68 


.72 


.70 


1.60 


1.32 


1.74 


.915 


August 


.58 


.58 


.71 


.61 


.72 


.76 


.76 


2.06 


1.39 


1.89 


1.016 


September . . . 


.57 


.60 


.72 


.73 


.78 


.73 


.80 


1.72 


1.47 


1.84 


.996 


October . . . . 


.51 


.61 


.66 


.71 


.74 


.68 


.80 


1.80 


1.39 


1.41 


.930 


November . . . 


.43 


.60 


.50 


.64 


.67 


.57 


.84 


1.42 


1.18 


1.24 


.809 


December . . . 


.38 


.55 


.41 


.63 


.61 


.54 


.84 


1.10 


1.20 


1.30 


.756 


Yearly aver. 


.535 


.495 


.636 


.563 


.666 


.681 


.724 


1.378 


1.300 


1.487 


.847 



ILLINOIS OATS PRICES. 

(Prices on farms or nearest shipping point, first of each month.) 





















Ten- 




1910. 1911. 


1912. 


1913. 1914. 


1915. 


1916. 


1917. 


1918. 


1919. 


yr. 
av. 




$ 


$ 


$ 


$ $ 


$ 


$ 


$ 


$ 


$ 




January . . . . 


.41 


.29 


.43 


.30 


.37 


.45 


.38 


.49 


.72 


.67 


.45 


February . . . 


.44 


.30 


.45 


.31 


.37 


.52 


.46 


.53 


.77 


.56 


.47 


March 


.45 


.29 


.48 


.32 


.37 


.52 


.40 


.54 


.86 


.56 


.48 


April 


.43 


.29 


.51 


.31 


.38 


.55 


.39 


.60 


.86 


.61 


.49 


May 


.41 


.30 


.54 


.31 


.37 


.54 


.41 


.67 


.83 


.67 


.51 


June 


.40 


.31 


.52 


.35 


.38 


.50 


.39 


.61 


.71 


.66 


.48 


July 


.39 


.38 


.49 


.37 


.36 


.44 


.37 


.62 


.71 


.66 


.48 


August 


.36 


.36 


.34 


.37 


.35 


.40 


.36 


.68 


.66 


.74 


.46 


September . . . 


.31 


.39 


.30 


.39 


.42 


.33 


.40 


.51 


.66 


.68 


.44 


October . . . . 


.30 


.41 


.30 


.39 


.43 


.31 


.41 


.56 


.67 


.64 


.44 


November . . . 


.31 


.42 


.30 


.37 


.44 


.33 


.48 


.56 


.63 


.63 


.45 


December . , . 


.30 


.42 


.30 


.38 


.44 


.35 


.51 


.65 


.67 


.70 


.47 


Yearly aver. 


1 .376] .347 


.414 


.348 


.390 


.4371 .414 


.585 


.729 


.701 


.47 



ILLINOIS HOG PRICES. 

(Prices on farms or nearest shipping point, fifteenth of each month.) 



1910. 



1911. 



1912. 



1913.11914. 



1915. 



1916. 



1917. 



1918. 



1919, 



January . 
February 
March . . 
April , . 
May . . . 
June . . . 
July . . . 
August . . 
September 
October . 
November 
December 



8.10 
8.20 
9.50 
9.70 
8.90 
8.70 
8.40 
7.90 
8.70 
8.30 
7.50 
7.00 



7.40 
7.00 
6.50 
6.00 
6.50 
5.50 
6.00 
6.80 
6.70 
6.00 
5.70 
5.70 



5.80 
5.80 
6.00 
7.10 
7.10 
6.90 
6.90 
7.50 
8.00 
8.30 
7.20 
7.00 



6.90 
7.50 
8.10 
8.50 
7.80 
8.00 
8.30 
8.20 
8.10 
7.90 
7.30 
7.10 



7.70 
8.10 
8.10 
8.10 
7.80 
7.50 
8.10 
8.80 
8.40 
7.40 
7.00 
6.60 



6.40 
6.20 
6.30 
6.60 
7.00 
7.00 
7.10 
6.80 
7.10 
7.50 
6.30 
6.00 



6.40 
7.40 
8.90 
8.80 
8.90 
8.80 
9.00 
9.40 
10.00 
9.10 
9.10 
9.10 



9.80 
11.30 
13.70 
14.90 
14.80 
14.60 
14.50 
15.70 
16.90 
17.00 
15.80 
16.20 



15.60 
15.30 
16.30 
16.40 
16.60 
16.00 
16.20 
17.80 
18.50 
17.10 
16.30 
16.30 



16.20 
16.30 
17.00 
18.40 
19.10 
19.00 
20.50 
20.40 
16.10 
13.60 
13.40 
12.20 



Yearly aver. 8.41 



6.24 



6.97 



7.811 7.80 



6.69 



8.74114.60 16.53 16.85 10.07 



Appendix 



197 



ILLINOIS BEEF CATTLE PRICES. 

(Prices on farms or nearest shipping point, fifteenth of each month.) 

























Ten- 




1910. 


1911. 


1912. 


1913. 


1914. 


1915. 


1916. 


1917. 


1918. 


1919. 


yr. 
av. 




$ 


$ 


$ 


$ 


$ 


$ 


$ 


$ 


$ 


$ 


$ 


January .... 


4.40 


4.90 


5.10 


6.10 


6.80 


6.50 


6.50 


7.90 


9.50 


11.70 


6.94 


February . . . 


5.10 


4.90 


5.10 


6.30 


7.00 


6.40 


6.50 


8.50 


9.50 


11.70 


7.10 


March 


5.00 


5.00 


5.30 


6.80 


7.00 


6.40 


7.10 


9.00 


10.10 


12.10 


7.38 


April 


5.50 


5.00 


5.60 


6.80 


7.00 


6.50 


7.40 


9.60 


12.00 


12.50 


7.79 


May 


5.70 


4.80 


6.00 


6.50 


7.10 


6.70 


7.50 


9.60 


11.70 


12.50 


7.81 


June 


5.40 


4.80 


6.10 


6.80 


7.00 


7.00 


7.80 


9.60 


11.90 


11.40 


7.78 


July 


5.20 


4.90 


6.40 


6.70 


7.00 


7.20 


7.80 


9.40 


11.70 


11.90 


7.82 


August 


5.00 


5.20 


6.30 


6.70 


7.50 


7.10 


7.70 


9.40 


11.30 


11.80 


7.80 


September . . . 


5.20 


5.10 


6.50 


6.70 


7.40 


7.00 


8.00 


10.40 


11.70 


10.20 


7.82 


October .... 


5.10 


4.80 


6.40 


6.80 


7.20 


7.00 


7.40 


10.10 


11.00 


10.00 


7.58 


November . . . 


4.90 


5.10 


6.10 


6.60 


7.10 


6.50 


7.50 


9.40 


10.50 


10.00 


7.37 


December . . . 


4.80 


5.00 


6.10 


6.50 


6.80 


6.50 


7.50 


9.70 


11.30 


10.10 


7.43 


Yearly aver. 


5.11 


4.96 


5.92 


6.61 


7.08 


6.74 


7.39 


9.39 


11.01 


11.32 


7.55 



ILLINOIS WOOL PRICES. 

(Prices on farms or nearest shipping point, fifteenth of each month.) 

























Ten- 




1910. 


1911. 


1912. 


1913. 


1914. 


1915. 


1916. 


1917. 


1918. 


1919. 


yr. 

av. 




$ 


$ 


$ 


$ 


$ 


? 


$ 


$ 


$ 


$ 


$ ■ 


January . . . . 


.29 


.20 


.17 


.21 


.16 


.20 


.26 


.32 


.58 


.59 


.298 


February . . . 


.28 


.20 


.18 


.21 


.17 


.21 


.26 


.32 


.59 


.60 


.302 


March 


.27 


.19 


.18 


.21 


.17 


.21 


.28 


.35 


.60 


.56 


.302 


April . . , . . 


.24 


.18 


.18 


.20 


.17 


.22 


.27 


.37 


.60 


.56 


.299 


May 


.26 


.16 


.20 


.17 


.18 


.24 


.30 


.44 


.61 


.44 


.300 


June 


.22 


.17 


.20 


.17 


.20 


.26 


.32 


.53 


.61 


.50 


.318 


July 


.21 


.17 


.20 


.17 


.20 


.27 


.32 


.56 


.62 


.53 


.325 


August 


.23 


.17 


.20 


.17 


.20 


.27 


.31 


.57 


.62 


.54 


.328 


September . . . 


.20 


.18 


.21 


.18 


.20 


.28 


.31 


.55 


.61 


.50 


.322 


October . . . . 


.20 


.17 


.20 


.17 


.20 


.27 


.32 


.58 


.62 


.51 


.324 


November . . . 


.20 


.17 


.20 


.16 


.19 


.26 


.31 


.58 


.62 


.51 


.320 


December , . . 


.21 


.17 


.21 


.17 


.20 


.26 


.32 


.60 


.61 


.53 


.328 


Yearly aver. 


1 .234 


1 .178 


1 .194 


i .183 


1 .187 


! .246 


1 299 


.481 


.608 


.531 


.314 



The price of 44 cents in May of 1919 is probably a mistake, altho it is 
the price as reported by the Bureau of Crop Estimates. 



ILLINOIS BRAN PRICES. 

(Prices on farms or nearest shipping point, fifteenth of each month.) 



1910.11911.1912. 

i 



1913, 



1914. 



1915.1916. 



1917. 



1918. 



1919. 



Ten- 

yr. 

av. 



January 
February 
March . 
April . 
May . , 
June . . 
July . . 
August . 
September 
October . 
November 
December 



23.90 
26.20 
25.60 
25.70 
25.30 
24.90 
24.40 
23.50 
23.20 
22.20 
22.80 
22.80 



Yearly aver. 24.11 24.08 



23.30 
23.80 
24.00 
23.80 
24.20 
24.10 
24.00 
24.30 
23.90 
24.60 
24.80 
25.40 



25.80 
27.70 
27.00 
27.80 
27.80 
26.90 
25.80 
25.40 
25.40 
25.50 
24.50 
24.50 



24.10 
24.10 
23.60 
23.30 
23.50 
23.10 
23.00 
23.50 
25.70 
25.30 
25.20 
25.00 



25.70 
26.40 
26.50 
27.00 
26.70 
26.50 
24.20 
26.00 
26.00 
25.60 
25.20 
24.80 



26.70 
27.20 
26.90 
27.20 
27.80 
25.90 
25.90 
25.70 
24.70 
24.70 
24.90 
24.30 



25.10 
25.00 
24.30 
24.40 
24.60 
24.40 
24.00 
24.60 
26.00 
26.80 
30.50 
31.40 



31.90 
34.40 
37.70 
41.20 
43.60 
38.30 
40.00 
41.90 
37.00 
36.30 
38.00 
41.50 



40.50 
40.80 
42.70 
42.40 
42.20 
42.90 
40.00 
37.50 
38.90 
37.00 
38.00 
38.40 



48.70 
49.40 
46.70 
48.00 
47.10 
46.60 
46.80 
48.10 
48.10 
46.10 
47.00 
47.10 



29.57 
30.50 
30.50 
31.08 
31.28 
30.36 
29.81 
30.05 
29.89 
29.41 
30.09 
30.52 



26.07124.10 25.88 25.99125.92 38.48 40.11 47.47 30.22 



198 Agricultural Prices 

FARM PRICES OF BUTTER. 
(Per pound, average for all United States — first of each month.) 





1911. 1912. 

1 


1913. 


1914. 


1915. 


1916. 


1917. 


1918. 


1919. 


1920. 


January 


$ 
.278 


% 
.281 
.290 
.272 
.261 
.260 
.248 
.234 
.237 
.242 
.256 
.269 
.288 


$ 
.284 
.276 
.275 
.276 
.270 
.255 
.247 
.249 
.259 
.275 
.282 
.292 


% 
.292 
.274 
.260 
.249 
.238 
.228 
.229 
.237 
.253 
.260 
.263 
.284 


% 
.287 
.279 
.268 
.258 
.257 
.248 
.242 
.242 
.245 
.253 
.264 
.276 


% 
.283 
.276 
.271 
.276 
.279 
.265 
.257 
.261 
.274 
.290 
.311 
.344 


% 
.340 
.335 
.341 
.335 
.361 
.350 
.335 
.340 
.361 
.389 
.409 
.419 


$ 
.431 
.437 
.434 
.407 
.399 
.386 
.382 
.397 
.414 
.4-72 
.497 
.&27 


$ 
.549 
.496 
.438 
.476 
.503 
.491 
.472 
.482 
.497 
.515 
.560 
.600 


.613 


February 

March 


.241 

.227 




April 


?,?,^ 




May 


?,14 




June 


.203 




July 


?m 




August 


.217 




September 

October 


.231 

.238 




November ...... 

December ...... 


.252 

.274 





• FARIV! PRICES OF EGGS. 

(Per dozen, average of all United States — first of each month.) 





1911. 


1912. 


1913. 


1914. 


1915. 


1916. 


1917. 


1918. 


1919. 


1920. 


January 


% 
.304 


$ 
.295 
.291 
.245 
.178 
.171 
.167 
.167 
.174 
.191 
.220 
.259 
.297 


$ 
.268 
.228 
.194 
.164 
.161 
.169 
.170 
.172 
.195 
.234 
.274 
.330 


% 
.307 
.284 
.242 
.176 
.168 
.173 
.176 
.182 
.210 
.235 
.253 
.297 


$ 
.316 
.292 
.213 
.166 
.171 
.166 
.168 
.170 
.187 
.223 
.263 
.306 


$ 
.306 
.268 
.212 
.179 
.181 
.190 
.197 
.207 
.233 
.281 
.322 
.381 


% 
.377 
.358 
.338 
.259 
.300 
.311 
.283 
.298 
.332 
.374 
.394 
.433 


$ 
.463 
.494 
.404 
.312 
.310 
.298 
.307 
.344 
.364 
.416 
.472 
.550 


% 
.572 
.483 
.331 
.343 
.368 
.386 
.368 
.393 
.410 
.447 
.540 
.619 


$ 
.648 


February 

March 


.221 
.165 




April 


149 




May 


.147 




June 


.145 




July 


14?, 




August 


.155 




September 

October . 


.174 
.200 




November 

December 


.235 

.287 





FARM PRICES OF POTATOES. 

(Per bushel, average of all United States — first of each month.) 





1911. 


1912. 


1913. 


1914. 


1915. 


1916. 


1917. 


1918. 


1919. 


1920. 


January 


% 
.541 


$ 

.845 

.944 

1.020 

1.171 

1.273 


$ 
.506 
.531 
.520 
.503 
.482 
.552 
.498 
.692 
.753 
.739 
.696 
.687 


$ 
.684 
.697 
.707 
.700 
.714 
.713 
.815 
.871 
.749 
.647 
.528 
.487 


$ 
.497 
.504 
.504 
.478 
.505 
.508 
.521 
.563 
.505 
.488 
.608 
.617 


$ 

.706 

.880 

.944 

.976 

.948 

.988 

1.023 

.954 

1.093 

1.120 

1.357 

1.461 


% 
1.473 
1.724 
2.407 
2.347 
2.796 
2.740 
2.479 
1.708 
1.391 
1.221 
1.278 
1.228 


$ 

1.210 

1.229 

1.203 

.926 

.801 

.755 

.949 

1.416 

1.488 

1.436 

1.272 

1.192 


$ 
1.161 
1.144 
1.094 
1.054 
1.189 
1.214 
1.284 
1.928 
1.875 
1.642 
1.528 
1.614 


$ 
1.786 


February 

March 


.551 
553 






.555 




May 


.625 




June 


.633 


1.197 
1.036 
.865 
.650 
.511 
.455 
.505 




July 


963 




August ........ 


1.360 




September 

October 


1.137 

.883 




November 

December 


.763 
.799 





Appendix 



199 



RETAIL PRICES OF SIRLOIN. 

(Per pound — fifteenth of each month.) 





1911.|1912. 

1 


1913. 


1914. 


1915. 


1916. 


1917. 


1918. 


1919. 


1920. 


January 


$ 
.202 


$ 
.207 
.207 
.213 
.220 
.235 
.240 
.243 
.245 
.243 
.240 
.235 
.233 


$ 
.238 
.238 
.245 
.256 
.256 
.258 
.263 
.263 
.261 
.256 
.253 
.250 


$ 
.250 
.250 
.253 
.253 
.258 
.261 
.268 
.278 
.271 
.261 
.253 
.256 


$ 
.253 

.248 
.245 
.250 
.256 
.281 
.266 
.263 
.263 
.261 
.256 
.250 


$ 
.256 
.256 
.263 
.268 
.276 
.286 
.286 
.283 
.281 
.273 
.268 
.268 


$ 
.276 
.286 
.293 
.316 
.321 
.326 
.326 
.329 
.331 
.329 
.314 
.319 


.326 
.331 
.336 
.364 
.397 
.425 
.420 
.412 
.415 
.407 
.402 
.402 


$ 
.410 
.410 
.417 
.435 
.443 
.430 
.433 
.420 
.409 
.398 
.393 
.391 


.405 


February 

March 


.202 

^0^ 




April 


?.()?, 




May 


?,04 




June 


20-1 




July 


^07 




August 


207 




September 

October 


.204 
.202 




November 

December 


.202 
.202 





RETAIL PRICES OF ROUND STEAK. 

(Per pound — fifteenth of each month.) 





1911. 1912. 


1913. 


1914. 


1915. 


1916. 


1917. 


1918. 


1919. 


1920. 


January 


.172 


$ 
.177 
.177 


$ 
.203 
.208 
.212 
.219 
.221 
.223 
.230 
.230 
.230 
.230 
.225 
.223 


$ 
.225 
.225 
.228 
.228 
.232 
.234 
.241 
.250 
.243 
.236 
.232 
.228 


$ 
.225 
.221 
.219 
.221 
.228 
.232 
.236 
.236 
.234 
.230 
.225 
.223 


$ 
.225 
.225 
.230 
.239 
.248 
.259 
.256 
.254 
.254 
.245 
.239 
.236 


$ 
.245 
.259 
.263 
.287 
.294 
.298 
.303 
.305 
.294 
.305 
.294 
.296 


$ 
.303 
.312 
.318 
.343 
.378 
.402 
.400 
.393 
.393 
.387 
.382 
.378 


$ 
.387 
.385 
.391 
.402 
.413 
.400 
.404 
.391 
.379 
.369 
.382 
.359 


.370 


February 


M?. 




March 


175 


.179 
.188 
.201 
.206 
.206 
.210 
.208 
.203 
.199 
.199 




April 


175 




May 


175 




June 


.177 




July 


.177 




August 


.177 




September 

OctobeT" 


.170 
.175 




November 

December 


.172 
.172 





RETAIL PRICES OF RIB ROASTS. 

(Per pound — fifteenth of each month.) 





1911. 


1912. 


1913. 


1914. 


1915. 


1916. 


1917. 


1918. 


1919. 


1920. 


January 


.168 


$ 
.168 
.170 
.172 
.180 
.192 
.198 
.194 
.196 
.192 
.190 
.188 
.184 


$ 
.188 
.188 
.194 
.200 
.200 
.202 
.202 
.202 
.200 
.200 
.198 
.198 


$ 
.198 
.200 
.200 
.202 
.202 
.204 
.208 
.214 
.208 
.206 
.204 
.200 


$ 
.200 
.198 
.198 
.198 
.200 
.204 
.206 
.206 
.204 
.202 
.200 
.198 


$ 
.200 
.202 
.206 
.210 
.218 
.224 
.222 
.220 
.218 
.214 
.210 
.210 


$ 
.216 
.226 
.234 
.2511 
.257 
.261 
.257 
.255 
.259 
.257 
.251 
.253 


$ 
.257 
.263 
.287 
.293 
.319 
.335 
.333 
.327 
.327 
.323 
.321 
.319 


$ 
.327 
.327 
.335 
.347 
.352 
.339 
.325 
.312 
.312 
.306 
.302 
.303 


.314 


February 

March 


.188 
188 




April 


.170 




May 


.168 




June 


.168 




July 


.188 




August 


168 




September 

October 


.188 
.168 




November 

December 


.186 
.166 





200 



Agricultural Prices 

RETAIL PRICES OF PORK CHOPS. 

(Per pound — fifteenth of each month.) 





1911. 1912. 


1913. 


1914. 


1915. 


1916. 


1917. 


1918. 


1919. 


1920. 


January 


$ 
184 


$ 
.171 
.162 
.173 
.192 
.194 
.192 
.194 
.211 
.222 
.222 
.196 
.181 


$ 
.188 
.190 
.205 
.217 
.211 
.209 
.217 
.219 
.228 
.226 
.215 
.205 


$ 
.209 
.211 
.211 
.217 
.224 
.217 
.224 
.251 
.238 
.232 
.219 
.196 


$ 
.186 
.179 
.179 
.198 
.209 
.207 
.211 
.217 
.226 
.232 
.209 
.184 


$ 
.188 
.194 
.219 
.226 
.230 
.232 
.234 
.245 
.264 
.249 
.234 
.224 


$ 
.238 
.264 
.281 
.308 
.308 
.312 
.319 
.346 
.390 
.390 
.348 
.340 


$ 
.344 
.338 
.340 
.359 
.369 
.377 
.380 
.424 
.464 
.456 
.435 
.416 


$ 
.407 
.380 
.388 
.416 
.433 
.426 
.464 
.471 
.460 
.443 
.421 
.381 


$ 
.373 


February 

March 


.181 
181 




April 


175 




May 


175 




June 


.175 




July 


179 




August 


.190 




September 

October 


.192 
.188 




November ...... 

December 


.169 
.162 





RETAIL PRICES OF BACON. 

(Per pound — fifteenth of each month.) 





1911. 


1912. 


1913. 


1914. 


1915. 


1916. 


1917. 


1918. 


1919. 


1920. 


January 


.257 


$ 
.235 
.232 
.232 
.240 
.243 
.246 
.248 
.248 
.257 
.265 
.265 
.262 


$ 
.257 
.259 
.265 
.270 
.273 
.276 
.284 
.287 
.284 
.281 
.276 
.270 


$ 
.268 
.268 
.270 
.270 
.270 
.273 
.276 
.292 
.295 
.289 
.284 
.281 


$ 
.276 
.270 
.268 
.268 
.268 
.270 
.273 
.273 
.273 
.276 
.276 
.276 


? 
.276 
.276 
.281 
.284 
.287 
.292 
.292 
.295 
.300 
.300 
.303 
.300 


$ 
.300 
.311 
.336 

.385 
.423 
.431 
.434 
.437 
.448 
.486 
.489 
.494 


$ 
.491 
.489 
.494 
.500 
.511 
.521 
.530 
.546 
.568 
.584 
.590 
.592 


$ 
.592 
.560 
.554 
.579 
.573 
.579 
.587 
.584 
.556 
.528 
.510 
.503 


.504 


February 

March 


.254 
.251 




April 


.248 




May 


^48 




June 


.248 




July 


.251 




August 


.254 




September 

October 


.251 
.248 




November 

December 


.240 
.238 





RETAIL PRICES OF HAM. 

(Per pound — fifteenth of each month.) 



• 


1911. 


1912. 


1913. 


1914. 


1915. 


1916. 


1917. 


1918. 


1919. 


1920. 


January 


.236 


$ 
.231 

.229 
.229 
.237 
.239 
.242 
.245 
.245 
.247 
.250 
.250 
.247 


$ 
.247 
.250 
.258 
.263 
.263 
.271 
.277 
.282 
.277 
.271 
.266 
.263 


$ 
.260 
.263 
.263 
.263 
.263 
.266 
.274 
.287 
.287 
.279 
.271 
.266 


$ 
.261 
.255 
.253 
.250 
.253 
.258 
.261 
.261 
.258 
.263 
.266 
.266 


$ 
.269 
.271 
.277 
.285 
.290 
.293 
.295 
.295 
.303 
.303 
.303 
.303 


$ 
.303 
.314 
.333 
.362 
.383 
.386 
.391 
.391 
.404 
.423 
.423 
.428 


$ 
.431 
.434 
.436 
.442 
.452 
.460 
.481 
.479 
.513 
.513 
.519 
.527 


$ 
.529 
.513 
.508 
.524 
.524 
.545 
.561 
.564 
.552 
.524 
.505 
.499 


.503 


FebruaiT 

March 


.236 
.234 




April 


.234 




May 


.234 




June 


.239 




July 


.245 




August 


.247 




September 

October 


.245 
.239 




November 

December 


.234 
.231 





Appendix 

RETAIL PRICES OF LARD. 

(Per pound — fifteentli of each month.) 



201 





1911. 


1912. 


1913. 


1914. 


1915. 


1916. 


1917. 


1918. 


1919. 


1920. 


January 


$ 
.155 


$ 
.136 
.136 
.136 
.141 
.147 
.149 
.149 

150 


$ 
.153 
.155 
.156 
.158 
.158 
.158 
.160 
.161 
.161 
.160 
.160 
.198 


$ 
.158 
.156 
.156 
.156 
.155 
.153 
.153 
.156 
.156 
.155 
.156 
.153 


$ 
.153 
.153 

.152 
.152 
.152 
.150 
.147 
.141 
.139 
.144 
.145 
.145 


$ 
.147 
.149 
.152 
.158 
.167 
.171 
.174 
.175 
.188 
.194 
.213 
.216 


$ 
.215 
.218 
.239 
.264 
.278 
.280 
.275 
.278 
.297 
.313 
.327 
.333 


$ 
.329 
.330 
.332 
.330 
.329 
.325 
.325 
.330 
.337 
.341 
.341 
.341 


$ 
.333 
.321 
.333 
.352 
.389 
.401 
.420 
.420 
.382 
.361 
.364 
.349 


$ 
.340 


February 

March 


.155 
145 




April ........ 


139 




May 


.136 




June 


134 




July 


133 




August 


134 




September 

October 


.137 


.155 
.160 
.160 
.158 




November 

December 


.137 
.136 





RETAIL PRICES OF WHEAT FLOUR. 

(Per eighth barrel — fifteenth of each month.) 



1911. 


1912. 


1913. 


1914. 


1915. 


1916. 


1917. 


1918. 


1919. 


1920. 


January 


.835 


S 
.827 
.835 
.835 
.843 
.875 
.883 
.875 
.859 
.843 
.827 
.819 
.803 


$ 
.803 
.803 
.803 
.803 
.811 
.811 
.811 
.803 
.803 
.795 
.795 
.795 


$ 
.787 
.795 
.795 
.795 
.795 
.795 
.787 
.851 
.907 
.891 
.899 
.907 


$ 

.996 

1.108 

1.092 

1.100 

1.116 

1.044 

1.004 

.996 

.940 

.907 

.907 

.915 


$ 

.964 

1.004 

.964 

.956 

.956 

.940 

.931 

1.076 

1.188 

1.245 

1.397 

1.341 


1.373 
1.373 
1.397 
1.654 
2.136 
1.975 
1.767 
1.839 
1.791 
1.718 
1.670 
1.646 


$ 
1.614 
1.614 
1.614 
1.614 
1.614 
1.630 
1.630 
1.654 
1.654 
1.630 
1.630 
1.630 


$ 
1.606 
1,630 
1.554 
1.751 
1.823 
1.823 
1.823 
1.799 
1.775 
1.775 
1.799 
1.871 


1.968 


February 

March 


.819 
811 




April 


803 




May 


803 




June 


.803 




July 


803 




August 


.811 




September 

October 


.811 
.827 




November 

December 


.827 
.827 





RETAIL PRICES OF CORN MEAL. 

(Per pound — fifteenth of each month.) 





1911. 


1912. 


1913. 


1914. 


1915. 


1916. 


1917. 


1918. 


1919. 


1920. 


January . 


$ 
.270 


$ 
.284 
.284 
.284 
.290 
.299 
.302 
.302 
.302 
.302 
.305 
.299 
.290 


$ 
.287 
.284 
.284 
.284 
.284 
.284 
.284 
.290 
.296 
.299 
.302 
.302 


$ 
.302 
.299 
.299 
.299 
.299 
.299 
.299 
.305 
.316 
.316 
.316 
.310 


$ 
.316 
.319 
.319 
.316 
.316 
.316 
.313 
.313 
.313 
.313 
.310 
.310 


$ 
.310 
.313 
.310 
.313 
.313 
.313 
.313 
.319 
.328 
.339 
.365 
.380 


$ 
.383 
.394 
.397 
.447 
.516 
.528 
.566 
.635 
.789 
.673 
.682 
.682 


$ 
.676 
.676 
.696 
.687 
.676 
.647 
.637 
.658 
.667 
.658 
.629 
.618 


$ 
.600 
.580 
.574 
.580 
.600 
.609 
.629 
.638 
.670 
.660 
.660 
.660 


$ 
.660 


February 

March 


.270 
.267 




April 


^70 




May 


.270 




June 


270 




July 


.273 




August 


.276 




September 

October 


.278 
.281 




November 

December 


.281 
.281 





202 



Agricultural Prices 



RETAIL PRICES OF EGGS. 

(Per dozen — fifteenth of each month.) 





1911. 1912. 

1 


1913. 


1914. 


1915. 


1916. 


1917. 


1918. 


1919. 


1920. 


January 


$ 
.398 


$ 
.429 
.392 
.269 
.258 
.253 
.259 
.278 
.303 
.341 
.382 
.439 
.412 


$ 
.365 
.309 
.259 

.247 
.258 
.273 
.292 
.323 
.368 
.408 
.486 
.466 


$ 
.425 
.358 
.303 
.250 
.262 
.276 
.296 
.326 
.361 
.381 
.442 
.469 


$ 
.436 
.331 
.246 
.253 
.256 
.263 
.273 
.297 
.341 
.395 
.449 
.456 


$ 
.415 
.341 
.277 
.267 
.277 
.294 
.314 
.354 
.405 
.446 
.503 
.520 


? 
.534 
.496 
.341 
.378 
.392 
.402 
.412 
.452 
.513 
.540 
.567 
.621 


$ 
.659 
.598 
.432 
.415 
.415 
.415 
.479 
.523 
.574 
.628 
.727 
.794 


$ 
.737 
.497 
.473 
.483 
.521 
.524 
.554 
.588 
.619 
.706 
.794 


$ 


February 

March 


.316 
^67 




April 


.243 




May 


^39 




June 


.242 




July 


.261 




August 


5^86 




September 

October 


.317 
.355 




November ...... 

December 


.426 
.443 





RETAIL PRICES OF BUTTER. 

(Per pound — fifteenth of each month.) 





1911. 


1912. 


1913. 


1914. 


1915. 


1916. 


1917. 


1918. 


1919. 


1920. 


January 


$ 
365 


$ 
.431 
.400 
.371 
.378 
.367 
.340 
.338 
.342 
.360 
.377 
.392 
.415 


$ 
.411 
.415 
.415 
.408 
.361 
.353 
.350 
.356 
.379 
.384 
.388 
.400 


$ 
.400 
.360 
.352 
.331 
.328 
.337 
.343 
.363 
.379 
.378 
.396 
.396 


$ 
.388 
.377 
.361 
.361 
.350 
.346 
.346 
.338 
.338 
.354 
.365 
.388 


$ 
.386 
.381 
.404 
.415 
.373 
.365 
.358 
.365 
.392 
.419 
.438 
.454 


$ 
.454 
.469 
.465 
.512 
.469 
.473 
.462 
.477 
.496 
.512 
.531 
.546 


$ 
.569 
.581 
.554 
.508 
.512 
.512 
.527 
.542 
.596 
.654 
.670 
.731 


$ 
.708 
.574 
.670 
.716 
.681 
.635 
.631 
.643 
.662 
.716 
.758 


? 


February 

March 


.343 
.330 




April 


303 




May 


.296 




June 


^98 




July 


.308 




August 


.326 




September 

October 


.337 
.359 




November 

December 


.385 
.411 





RETAIL PRICES OF MILK. 

(Per quart — fifteenth of each month.) 



1911, 



1912, 



1913. 


1914. 


1915. 


1916. 


1917. 


1918. 


1919. 


$ 1 $ 


$ 


$ 


$ 


$ 


$ 


.091 


.092 


.091 


.091 


.102 


.137 


.160 


.091 


.092 


.091 


.091 


.102 


.137 


.158 


.091 


.092 


.090 


.091 


.102 


.137 


.151 


.090 


.091 


.090 


.090 


.104 


.135 


.154 


.090 


.091 


.090 


.090 


.107 


.135 


.152 


.090 


.090 


.090 


.090 


.108 


.132 


.154 


.090 


.090 


.090 


.091 


.114 


.136 


.154 


.090 


.091 


.090 


.091 


.117 


.140 


.159 


.091 


.091 


.090 


.092 


.120 


.146 


.160 


.091 


.091 


.091 


.095 


.130 


.151 


.164 


.092 


.091 


.091 


.099 


.131 


.158 


.167 


.092 


.091 


.091 


.101 


.134 


.160 





1920. 



January . , 
February 
March . . 
April . . 
May . . . 
June . . . 
July . . . 
August . . 
September 
October . 
November 
December , 



.088 
.088 
.088 
.087 
.085 
.085 
.085 
.085 
.086 
.087 
.088 
.088 



.088 



.088 



.088 
.088 
.088 
.088 
.090 
.091 
.091 



Appendix 



203 



RETAIL PRICES OF POTATOES 

(Per peck — fifteenth of each month.) 





1911. 


1912 


1913. 


1914. 


1915. 


1916. 


1917. 


1918 


. 1919. 


1920. 


January . . 
February . 
March . . . 
April . . . 
May .... 
June .... 
July .... 
August . . 
September . 
October . . 
November . 
December . 




.2 

.2 
.2 
.2 
.3 
.4 
.5 
.4 
3 


59 
59 
59 

75 
13 
27 
10 
20 
57 
11 
18 
39 


$ 
.375 
.392 

.42^ 
.465 
.435 
.435 
.32' 
.28^ 
.24( 
.23E 
.23; 
.25< 


$ 

1 .236 
.234 
.228 

5 .226 
i .237 
> .269 
) .285 
.282 
5 .285 
5 .274 

2 .277 
) .275 


$ 
.280 
.280 
.277 
.272 
.230 
.341 
.401 
.287 
.271 
.230 
.214 
.217 


$ 
.220 
.218 
.212 
.222 
.230 
.256 
.220 
.212 
.204 
.243 
.251 
.275 


$ 
.352 
.365 
.363 
.332 
.363 
.433 
.347 
.365 
.417 
.427 
.513 
.513 


$ 
.583 
.492 
.769 
.878 
.912 
.948 
.637 
.534 
.445 
.461 
.474 
.461 


$ $ 
.486 .487 
.486 .471 
.380 .443 
.334 .471 
.334 .502 
.442 .580 
.593 .730 
.593 .761 
.583 .655 
.534 .580 
.502 .593 
.487 


$ 




.3 
.3 
.3 








1 


















Jan. . . 










1 1 


1 1 




Feb. . . 






















Mar. . 






















Apr. . 






















May . 






















June . 






















July . 






















Aug. . 
























Sep. . 
























Oct. . 
























Nov. . 
























Dec. . 
























Totals 


















1 


























Jan. . 














1 










Feb. . 




1 




















Mar. . 




1 




















Apr. . 




1 




















May . 




1 




















June . 




1 




















July . 




1 




















Aug. . 




1 




















Sep. . 




1 




















Oct. . 




1 




















Nov. . 




1 




















Dec. . 




1 




















Totals 1 





















204 



Agricultural Prices 



PACKERS' CHICAGO HAM PRICES.^ 

(No. 1 Reg., Smoked, 16 pounds.) 

(Per hundredweight) 



11910, 



January- 
February 
March , 
April . 
May . . 
June . . 
July . . 
August . 
September 
October . 
November 
December 
Yearly aver. 



14.80 
15.60 
17.60 
17.60 
16.80 
17.20 
17.20 
15.60 
15.40 
15.20 
14.80 
13.70 



1911.1912. 



13.70 
13.70 
12.00 
11.90 
13.50 
14.50 
15.30 
15.30 



15.00114. 



14.00 
13.00 
13.00 



1913. 



1914. 



1915, 



80118, 
.00118 
.0016 
10|l5 
.10115 



15.92113.74 13.95 16.37115.95 14.45 



1916. 



14.70 
13.70 
13.30 
13.00 
14.00 
14.70 
14.70 
14.10 
14.10 
15.70 
15.70 
15.70 



1917. 



16.20 
16.20 
17.30 
18.00 
18.20 
17.70 
17.70 
18.50 
18.70 
19.30 
19.40 
19.60 



18.07 



19.70 
20.50 
22.50 
25.00 
25.30 
25.30 
25.30 
24.50 
26.30 
28.30 
28.00 
28.00 



1918. 



30.00 
30.50 
30.50 
31.50 
31.50 
30.00 
31.00 
33.25 
33.25 
34.50 
37.00 
37.50 



1919. 



37.00 
34.00 
35.50 
37.50 
38.50 
38.50 
39.00 
39.00 
37.00 
33.50 
29.25 
29.25 



24.89132.54 35.66 20.15 



Ten- 

yr. 
av. 



18.93 
18.77 
19.30 
19.92 
20.30 
20.55 
20.91 
21.07 
20.97 
20.82 
20.19 
20.20 



*These figures, previous to 1917, were taken from charts furnished by 
Dr. L. D. H. Weld, of Swift & Company. Since 1917, the source has been 
the Daily Trade Bulletin of Howard Bartels. The top price for the month 
is used in every case. 



PACKERS' CHICAGO BACON PRICES.* 

(No. 1 Bacon, smoked, 10-12 pounds.) 
(Per hundredweight) 



1910.11911.11912. 



1913. 



1914.1915. 



1916, 



1917, 



1918. 



1919. 



Ten- 

yr. 

av. 



January 
February 
March . 
April . 
May . . 
June . . 
July . . 
August . 
September 
October . 
November 
December 



16.30 
17.00 
20.20 
20.10 
20.00 
21.50 
21.50 
19.70 
20.80 
20.80 
20.80 
18.00 



17.00 
16.40 
15.40 
15.30 
15.30 



15.30 14 



15.30 
15.50 
15.50 
14.20 
13.70 
13.40 



Yearly aver. 119.72 



70|17 
7-0118 
7020, 
6020 
,20|20 
00119 
,1019 



2017.20 
00116.30 
20ll5.30 
20115.00 
20|l.5.60 
70116.60 
60|l6.60 
40116.20 



17.00 
17.70 
17.70 
16.70 



15.40 
16.40 
18.50 
19.70 
19.70 
19.10 
19.00 
19.00 
19.10 
19.10 
19.10 
19.00 



44.00 
38.50 
40.00 
40.00 
41.50 
41.50 
41.00 
41.00 
37.50 
35.50 
33.00 
33.00 



21.24 
21.16 
22.32 
22.99 
23.52 
23.75 
23.57 
24.22 
24.24 
24.45 
24.10 
23.61 



15.19 15.19 17.69118.41 16.49118.59131.34 41.15 38.87 23.26 



*These figures, previous to 1917, were taken from charts furnished by 
Dr. L. D. H. Weld, of Swift & Company. Since 1917, the source has been 
the Daily Trade Bulletin of Howard Bartels. The top price for the month 
is used in every case. 



Appendix 



205 



PRICES OF COTTONSEED MEAL AT MEMPHIS. 

(Per ton, in car lots) 



January 
February- 
March . 
April . 
May . . 
June . . 
July . . 
August . 
September 
October . 
November 
December 



190S. 



22.50 
22.50 
22.63 
23.25 
23.38 
23.75 
24.00 
24.50 
24.00 
23.75 
23.63 
23.63 



1909.1910. 



23.50 
23.63 
24.25 
26.25 
27.50 
28.50 
29.00 
28.25 
27.50 
27.38 
28.50 
28.50 



$ 
29.63 
29.50 
28.50 
28.00 
27.13 
27.13 
26.50 
26.00 
25.75 
25.25 
24.38 
24.38 



1911. 



24.13 
23.25 
23.38 
23.88i 
23.88^ 
24.50 
25.38 
26.50 
25.00 
24.63 
24.63 
24.38 



1912. 



24.25 
25.13 
26.00 

27.25 
28.00 
27.00 
26.75 
26.75 
25.00 
24.38 
24.63 
25.75 



1913. 



25.38 
24.88 
25.13 
26.75 
28.00 
28.75 
30.63 
31.75 
27.25 
27.13 
27.38 
27.25 



1914. 



1915. 



24.25 
27.25 
26.88 
26.88 
25.75 
25.00 
25.63 
25.75 
27.13 
30.75 
32.00 
33.75 



1916. 



32.75 
29.00 
28.38 
28.87 
28.12 
26.75 
26.75 
28.75 
30.75 
35.25 
39.25 
39.00 



1917. 



37.50 
36.25 
35.75 
38.00 
40.50 
40.50 
42.00 
44.00 
42.00 
44.00 
47.00 
46.50 



1918. 



46.50 
46.50 
46.50 
46.50 
46.50 
46.50 
46.50 
46.50 
46.50 
46.50 



Previous to February, 1916, the price is for 41 per cent protein meal. 
From February, 1916, to November, 1917, the price is for 38.5 per cent 
protein meal, and from December, 1917, on, the price is the government 
fixed price for 36 per cent protein meal. Quotations are averages of high 
and low for month, taken from the News-Scimetar of Memphis. 



AVERAGE PRICES OF MILL-FEEDS, 1908-1915. 
(Per ton) 





fll3 


"c^*. 


4t- 


* 


* 


tuo* 




O m 


CD (D 


cu 


CD 


<p 


Q CD 






a; 


^^ 


CD 








ra 13 


s 


s ^ 


l=i 


-O =i 






9-. '^ 


a 




03 


■? J? 




'-' G S 


<D ;> 


CD ."3 




^ 






2^ 


as 




aU 


^S 




ft o+^ 


"!^+^ 


r-l +J 


c€ .^ 


2-^ 






O 


O^ 


M"^ 


^^ 


m^ 


January . . . . 


$ 25.00 


$ 29.76 


$ 33.42 


$ 26.06 


$ 23.20 


$ 23.31 


February . . . 


25.28 


29.44 


33.60 


25.50 


23.39 


23.14 


March 


25.44 


29.14 


32.15 


24.61 


23.32 


23.09 


April 


26.25 


29.49 


31.05 


24.52 


22.88 


23.08 


May 


26.42 


30.90 


30.64 


24.93 


22.37 


23.25 


June 


26.52 


29.54 


30.67 


25.20 


20.57 


22.68 


July 


26.95 


30.05 


31.77 


25.41 


20.66 


23.20 


August 


27.19 


29.74 


32.86 


26.75 


21.45 


23.96 


September . . . 


25.67 


29.19 


33.33 


27.46 


21.24 


22.96 


October . . . . 


25.75 


29.82 


32.62 


25.81 


20.58 


22.11 


November . . . 


25.94 


30.05 


33.09 


24.52 


21.81 


2L43 


December , . . 


26.42 


30.20 


33.31 


25.46 


21.68 


21.80 


Yearly aver. 


26.06 


29.74 


32.38 


25.53 


21.93 


22.83 



*The Milwaukee prices were compiled by Professor F. A. Pearson, of 
the University of Illinois, from the reports of the Western Feed Bureau. 



206 



Agricultural, Prices 



BRAN AT MINNEAPOLIS. 

(Per ton) 





1906. 


1907. 


1908. 


1909. 


1910. 


1911. 


1912. 


1913. 


1914. 


1915. 


Jan. . . . 


$15.38 


$17.63 


$21.25 


$20.38 


$22.50 


$21.63 


$23.88 


$19.00 


$21.50 


$22.50 


Feb. 






15.25 


18.68 


21.50 


22.13 


22.00 


20.75 


25.00 


18.25 


22.38 


22.25 


Mar. 






14.88 


18.88 


22.63 


22.13 


20.25 


20.63 


24.50 


16.50 


24.00 


20.63 


Apr. 






16.13 


17.88 


22.50 


22.50 


18.38 


21.75 


24.38 


15.88 


23.25 


21.63 


May- 






16.25 


18.25 


22.75 


23.75 


17.38 


20.63 


22.75 


16.63 


21.63 


19.75 


June 






15.38 


17.88 


20.63 


21.63 


16.25 


19.00 


20.25 


16.75 


19.75 


19.75 


July 






14.13 


17.38 


20.00 


20.25 


18.75 


19.25 


20.00 


16.50 


18.50 


20.38 


Aug. 






13.63 


19.13 


19.88 


19.13 


19.13 


20.13 


19.00 


19.25 


21.13 


19.63 


Sep. 






14.88 


21.50 


19.88 


19.13 


18.13 


20.75 


19.00 


20.63 


20.50 


18.13 


Oct. 






16.38 


23.25 


19.50 


18.88 


17.38 


21.38 


18.63 


19.13 


18.88 


17.75 


Nov. 






17.88 


21.00 


19.50 


19.25 


18.88 


21.88 


17.75 


19.50 


20.63 


18.25 


Dec. 






17.80 


20.38 


19.50 


20.63 


20.25 


22.33 


18.25| 20.25 


20.88 


18.50 



BRAN AT MINNEAPOLIS— Continued. 
(Per ton) 





1916. 


1917. 


1918. 


1919. 


1920. 


1921. 


1922. 


1923. 


1924. 


1925. 


Jan. . . . 


$19.13 


$28.50 


$34.00 


$45.25 














Feb. 






19.25 


32.00 


36.25 


38.50 














Mar. 






17.63 


35.00 


36.00 


37.20 














Apr. 






18.25 


38.25 


33.25 


38.00 














May 






18.63 


36.50 


31.38 


36.00 












June 






18.13 


25.50 


31.38 


34.25 














July 






17.88 


33.25 


29.23 


39.75 














Aug. 






19.88 


31.75 


29.73 


41.25 














Sep. 






21.50 


29.50 


29.15 


38.25 














Oct. 






25.00 30.50 


28.90 


37.00 














Nov. 






26.63 34.38 


28.39 


38.00 














Dec. 






25.38 36.25 


37.87 


41.00 





































Jan. 


























Feb. 


























Mar. 






1 




















Apr. 


























May- 


























June 


























July 


























Aug. 


























Sep. 


























Oct. 


























Nov. 


























Dec. 


























Totals 




1 












1 



Appendix 



207 



MIDDLINGS AT MINNEAPOLIS. 

(Per ton) 
(Minneapolis middlings are evidently a lower grade than Kansas City- 
shorts.) 





1906. 


1907. 


1908. 


1909. 


1910. 


1911. 


1912. 


1913. 


1914. 


1915. 


Jan. . . . 


$15.38 


$16.75 


$20.63 


$20.25 


$22.13 


$21.00 


$23.38 $19.13 


$21.13 


$22.00 


Feb. 






15.38 


17.80 


21.13 


22.00 


21.88 


20.50 


24.88 


18.13 


21.50 


22.13 


Mar. 






14.88 


18.25 


22.50 


22.13 


20.50 


20.00 


24.38 


17.13 


22.75 


20.63 


Apr. 






16.13 


17.88 


22.75 


22.50 


18.50 


21.00 


24.38 


16.38 


22.88 


22.63 


May 






16.38 


19.00 


22.88 


23.88 


18.75 


21.25 


23.75 


17.38 


22.13 


22.88 


June 






15.50 


18.88 


20.63 


22.25 


17.88 


20.50 


22.75 


18.63 


21.25 


23.13 


July 






15.88 


19.25 


20.50 


20.75 


20.50 


21.88 


23.25 


18.63 


21.00 


25.13 


Aug. 






15.38 


21.25 


21.75 


20.13 


21.00 


23.50 


22.25 


20.50 


23.50 


12.25 


Sep. 






15.88 


23.50 


20.75 


19.00 


19.50 


23.88 


21.75 


22.63 


21.50 


20.00 


Oct. 






16.75 


24.00 


19.50 


18.63 


19.25 


23.38 


20.00 


21.63 


19.00 


18.50 


Nov. 






17.75 


21.00 


19.25 


19.00 


20.38 


22.75 


17.63 


21.25 


20.50 


18.13 


Dec. 






17.13 


20.00 


19.38 


20.38 


21.50 


22.38 


18.13 


20.50 


21.00 


18.33 



MIDDLINGS AT MINNEAPOLIS— Continued. 

(Per ton) 

(Minneapolis middlings are evidently a lower grade than Kansas City 

shorts.) 







1916. 


1917. 


1918. 


. . . 


$19.88 


$29.00 


$35.25 






21.00 


31.25 


38.00 






19.50 


35.50 


37.75 






19.00 


39.00 


35.25 






20.00 


36.00 


33.25 






19.50 


32.25 


33.25 






19.13 


40.00 


30.85 






21.00 


39.75 


31.71 






23.50 


34.00 


31.26 






27.25 


36.50 


30.81 






30.00 


34.50 


30.21 






27.50 


37.75 


40.24 



1919. 



1920. 



1921. 



1922. 



1923. 



1924. 



1925. 



Jan. 

Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

Dec. 



$46.00 
39.75 
38.75 
42.25 
45.00 
43.50 
50.00 
54.00 
51.00 
44.00 
41.50 
42.25 























Jan. 




1 
















Feb. 




















Mar. 




















Apr. 




















May 




















June 




















July 


-. . 


















Aug. 
















1 




Sep. 




















Oct. 




















Nov. 




















Dec. 




















Totals 



















208 



AGEICULTURAIi PrICES 



BRAN AT KANSAS CITY. 
(Per ton) 





1906. 


1907. 


1908. 


1909. 


1910. 


1911. 


1912. 


1913. 


1914. 


1915. 


Jan. . . . 


$15.70 


$17.70 


$20.40 


$19.60 


$22.10 


$20.10 


$24.50 


$19.00 


$21.50 


$21.90 


Feb. 






16.20 


18.30 


21.50 


21.80 


22.40 


19.90 


26.30 


19.30 


23.45 


21.10 


Mar. 






16.70 


18.30 


22.30 


22.80 


21.50 


20.10 


25.90 


17.00 


23.50 


20.90 


Apr. 






17.40 


17.30 


22.10 


24.30 


20.90 


21.56 


27.70 


16.70 


24.00 


23.40 


May- 






16.60 


18.80 


22.20 


26.10 


19.90 


21.50 


26.10 


16.30 


22.00 


21.20 


June 






15.50 


18.90 


20.20 


23.80 


17.10 


19.40 


22.00 


16.40 


19.00 


18.80 


July 






14.00 


16.40 


19.50 


20.20 


17.60 


20.70 


20.00 


16.10 


17.40 


19.60 


Aug. 






13.50 


18.50 


19.30 


18.50 


18.40 


20.40 


18.50 


20.20 


20.80 


18.50 


Sep. 






14.45 


21.20 


19.00 


18.80 


17.80 


20.70 


18.40 


22.10 


19.50 


17.20 


Oct. 






16.15 


22.60 


18.60 


20.20 


17.20 


21.70 


18.15 


20.20 


18.10 


17.60 


Nov. 






17.85 


19.90 


18.50 


19.45 


18.40 


22.75 


17.00 


20.00 


15.92 


17.30 


Dec. 






17.70 


19.70 


18.80 


20.20 


19.00 


23.20 


17.60 


20.10 


20.20 


17.90 



BRAN AT KANSAS CITY— Continued. 
(Per ton) 





1916. 


1917. 


1918. 


1919. 


1920. 


1921. 


1922. 


1923. 


1924. 


1925. 


Jan. . . . 


$17.90 


$28.60 


$37.30 


$46.75 














Feb. 






18.30 


32.90 


36.50 


39.00 














Mar. 






17.40 


36.70 


36.20 


37.50 














Apr. 






19.20 


38.70 


34.70 


38.00 














May. 






19.00 


33.80 


34.00 


35.50 














June 






17.50 


29.00 


33.25 


34.00 














July 






17.20 


35.60 


27.72 


37.50 














Aug. 






20.10 


34.00 


28.70 


46.25 














Sep. 






21.50 


28.70 


28.63 


36.50 














Oct. 






25.20 


30.90 


28.16 


35.50 














Nov. 






27.80 


39.00 


27.81 


37.00 














Dec. 






27.00 


35.70 


38.41 


40.00 





































Jan. 


























Feb. 


























Mar. 


























Apr. 


























May 


























June 


























July 


























Aug. 


























Sep. 


























Oct. 


























Nov. 


























Dec. 


























Totals 























Appendix 



209 



SHORTS AT KANSAS CITY. 

(Per ton) 





1906. 


1907. 


1908. 


1909. 


1910. 


1911. 


1912. 


1913. 


1914. 


1915. 


Jan. . , . 


$17.20 


$17.50 


$20.80 


$21.40 


$23.40 


$21.90 


$26.90 


$20.30 


$25.00 


$24.60 


Feb. . 






17.30 


18.40 


21.10 


22.10 


24.00 


22.00 


27.00 


20.10 


24.60 


23.50 


Mar. . 






17.60 


18.75 


22.70 


23.60 


22.80 


21.60 


26.70 


19.00 


24.20 


22.70 


Apr. . 






18.50 


18.20 


23.10 


25.60 


21.70 


22.50 


27.70 


19.00 


25.00 


25.60 


May . 






17.80 


19.20 


23.10 


27.00 


21.40 


22.70 


26.70 


19.30 


23.50 


22.00 


June . 






16.70 


20.10 


21.20 


24.60 


19.20 


21.10 


23.70 


19.40 


22.70 


22.90 


July . 




. 


16.00 


18.70 


20.70 


20.90 


19.20 


22.00 


23.20 


20.00 


22.50 


24.10 


Aug. . 






16.10 


20.40 


20.70 


19.60 


20.50 


24.30 


23.40 


23.50 


24.00 


24.00 


Sep. . 






16.70 


23.20 


21.30 


20.00 


20.60 


24.40 


23.00 


26.10 


23.00 


21.80 


Oct. . 






18.05 


23.70 


21.40 


21.80 


20.50 


25.80 


22.50 


23.80 


20.70 


21.30 


Nov. . 






18.90 


20.80 


21.30 


20.80 


20.90 


25.80 


20.00 


24.10 


22.40 


20.90 


Dec. . 






18.40 


20.20 


21.30 


21.30 


21.20 


26.20 


19.00 


24.10 


23.70 


20.60 


SHORTS AT KANSAS CITY— Continued. 




(Per ton) 




1916. 


1917. 


1918. 


1919. 


1920. 


1921. 


1922. 


1923. 


1924. 


1925. 


Jan. . . . 


119.70 


$31.60 


$41.00 


$54.00 














Feb. 






21.20 


35.50 


41.00 


44.00 














Mar. 






20.80 


39.30 


39.20 


41.50 














Apr. 






21.40 


41.50 


38.20 


46.50 














May 






21.80 


40.50 


38.00 


45.00 














June 






21.20 


39.50 


38.00 


46.50 














July . 






21.30 


44.70 


30.72 


52.00 














Aug. 






24.60 


45.00 


29.97 


54.00 














Sep. 






26.90 


42.50 


30.50 


52.00 














Oct. 






27.70 


41.50 


29.65 


48.50 














Nov. 






32.91 


44.25 


29.31 


45.50 














Dec. 


— 


-^ 


31.30 


44.50 


41.16 


45.50 














Jan. . . . 























Feb. 


























Mar. 


























Apr. 


























May 


























June 


























July 


























Aug. 


























Sep. 


























Oct. 


























Nov. 


























Dec. 


























Totals 1 





















210 



Agricultural Prices 



WAGES IN THE CITY AND ON THE FARM, WITH DUN'S 
INDEX NUMBER. 

(On the basis of 1913 equals l.CO.) 







'd 










'6 










-d 






























u 
o 




CO 

01 










02 
CD 


P 


a 








bB-e 

il 


a 
a 

CD 




6 




• rH 

m 

3 

Q 






O 
* 




B 

m 
Q 




u 

(D 


bo 

6 
* 


=^a 


Q 


1860 


.41 




.97 




1880 


.59 




.91 




1900 


.73 




.76 


1861 


.41 




.85 




1881 


.62 




.94 




1901 


.73 




.77 


1862 


.43 




.99 




1882 


.63 


.63 


1.02 




1902 


.77 


.73 


.85 


1863 


.49 




1.44 




1883 


.65 




.89 




1903 


.80 




.83 


1864 


.55 




2.33 




1884 


.64 




.83 




1904 


.80 




.81 


1865 


.61 




1.62 




1885 


.64 


. 60 


.76 




1905 


.82 




.82 


1866 


.64 


.89 


1.73 




1886 


.64 




.74 




1906 


.85 




.88 


1867 


.67 




1.58 




1887 


.64 




.78 




1907 


.89 




.95 


1868 


.68 




1.53 




1888 


.65 


.60 


.79 




1908 


.89 




.90 


1869 


.68 


.85 


1.38 




1889 


.67 




.75 




1909 


.90 




.99 


1870 


.68 




1.24 




1890 


.69 


.61 


.77 




1910 


.93 


.91 


.99 


1871 


.68 




1.27 




1891 


.69 




.80 




1911 


.95 


.95 


.98 


1872 


.68 




1.26 




1892 


.69 


.61 


.75 




1912 


.97 


.98 


1.02 


1873 


.68 




1.19 




1893 


.69 


.63 


.76 




1913 


1.00 


1.00 


1.00 


1874 


.67 




1.19 




1894 


.67 


.58 


.69 




1914 


.95 


.99 


1.00 


1875 


.65 


.66 


1.13 




1895 


.67 


.58 


.69 




1915 


1.00 


.99 


1.04 


1876 


.62 




.97 




1896 


.69 




.62 




1916 


1.20 


1.08 


1.21 


1877 


.59 




.92 




1897 


.69 




.60 




1917 


1.40 


1.33 


1.76 


1878 


.58 




.80 




1898 


.69 


.64 


.65 




1918 


1.75 


1.55 


1.94 


1879 


.57 


.54 


.81 




1899 


.70 


.67 


.71 




1919 


1.85 


1.85 


1.95 



*From 1860 to 1890, wages are based on the investigation made by the 
Department of Labor for the senate committee investigating prices and 
wages, and reported in Senate Document 1394. Wages from 1890 to 1907 
are based on Bulletin 77 of the Bureau of Labor Statistics, and from 1907 
to 1913 on unpublished data of the Bureau of Labor Statistics, prepared 
for the San Francisco Exposition. Figures since 1913 are estimated from 
reports of manufacturing establishments in New York state, reports of 
wages paid by the United States Steel Corporation, and reports of the 
Bureau of Labor Statistics as to wages existing in cotton goods, men's 
clothing, lumber, and furniture industries. It is believed that the figures 
since 1913 are roughly accurate, but that they may have to be revised to 
make them comparable with the preceding series. Farm-hand wages are 
derived from the December, 1919, Monthly Crop Reporter of the Bureau of 
Crop Estimates. 



Appendix 



^11 



PIG IRON. 

(No. 2 foundry, per ton, at Birmingham, first of month.) 

Compiled from Bradstreet's Journal, by the Babson Statistical 

Organization. 





1903. 


1904. 


1905. 


1906. 


1907. 


1908. 


1909. 


1910. 


1911. 


1912. 


Jan. , . . 


$21.50 


$10.00 


$13.50 


$14.50 


$23.50 


$13.50 


$13.50 


$14.00 


$11.00 


$10.00 


Feb. 






21.50 


10.00 


14.00 


14.50 


23.50 


13.50 


13.00 


14.00 


11.00 


10.00 


Mar. 






18.50 


9.50 


14.00 


14.50 


23.50 


12.50 


12.00 


13.00 


11.00 


10.25 


Apr. 






18.50 


10.00 


14.00 


14.50 


23.50 


12.25 


11.00 


12.00 


11.00 


10.50 


May 






17.50 


10.00 


13.50 


14.50 


23.00 


11.00 


11.50 


12.00 


11.00 


11.5a 


June 






15.50 


9.50 


12.50 


14.50 


22.50 


11.00 


11.00 


11.50 


10.50 


11.50 


July 






15.50 


9.50 


12.00 


13.50 


23.00 


11.50 


11.00 


11.00 


10.50 


11.50 


Aug. 






13.50 


9.50 


12.00 


13.50 


21.50 


11.50 


13.50 


11.00 


10.00 


12.00 


Sep. 






12.00 


9.50 


12.00 


16.00 


20.00 


12.00 


14.00 


11.00 


10.00 


13.00 


Oct. 






12.00 


9.50 


12.50 


17.00 


18.50 12.00 


15.00 


11.25 


10.00 


13.25 


Nov. 






10.00 


12.00 


14.00 


22.00 


18.00 12.50 


15.00 


11.00 


10.00 


14.00 


Dec. 






9.25 


13.50 


14.50 


22.00 


15.00 13.00 


14.00 


11.00 


9.50 


13.50 



PIG IRON— Continued. 

(No. 2 foundry, per ton, at Birmingham, first of month.) 

Compiled from Bradstreet's Journal, by the Babson Statistical 

Organization. 



1913. 



1914. 



1915. 



1916. 



1917. 



1918. 



1919. 



1920. 



1921. 



1922. 



Jan. 

Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

Dec. 



$14.00 
13.50 
13.00 
13.00 
12.00 
11.00 
10.50 
10.50 
11.00 
11.00 
11.00 
11.00 



$10.50 
10.50 
10.75 
10.50 
10.50 
10.50 
10.25 
10.00 
10.00 
10.00 
10.00 
9.75 



5 9.50 

9.50 

9.50 

9.25 

9.50 

9.50 

9.75 

10.25 

11.00 

11.50 

13.00 

14.00 



$15.00 
15.00 
15.00 
15.00 
15.00 
15.00 
14.00 
14.00 
14.00 
14.50 
17.00 
23.00 



$23.00 
24.00 
26.00 
33.00 
37.50 
40.00 
47.00 
47.00 
47.00 
30.00 
33.00 
33.00 



$33.00 
33.00 
33.00 
33.00 
33.00 
33.00 
33.00 
33.00 
33.00 
34.00 
34.00 
34.00 



$31.00 
31.00 
31.00 
26.75 
26.75 
25.75 
24.75 
26.75 
27.75 
28.00 
28.00 
34.00 

























Jan. 
























Feb. 
























P,lar. 
























Apr. 
























May 
























June 
























July 
























Aug. 
























Sep. 
























Oct. 
























Nov. 
























Dec. 
























Totals 





















212 AGKICULTURAIi PrICES 

COPPER. 

(Electrolytic, per pound, at New York, first of month.) 

Compiled from Bradstreet's Journal, by the Babson Statistical 

Organization. 





1903. 


1904. 


1905. 


1906. 


1907. 


1908. 


1909. 


1910. 


1911. 


1912. 


Jan. . . . 


$ .119 


$ .122 


$ .151 


$ .187 


$ .241 


$ .138 


$ .145 


$ .137 


$ .128 


$ .143 


Feb. . . . 


.126 


.126 


.152 


.181 


.252 


.139 


.139 


.138 


.126 


.142 


Mar. . . . 


.134 


.124 


.151 


.185 


.252 


.129 


.129 


.136 


.126 


.146 


Apr. . . . 


.150 


.129 


.153 


.186 


.253 


.131 


.129 


. 135 


.123 


.156 


May . . . 


.148 


.131 


.150 


.186 


.253 


.129 


.129 


.129 


.123 


.159 


June • . . 


.144 


.128 


.148 


.188 


.248 


.127 


.136 


.129 


.123 


.168 


July . . . 


.141 


.124 


.148 


.187 


.238 


.127 


.135 


.127 


.127 


.175 


Aug. . . . 


.129 


.125 


.153 


.187 


.213 


.133 


.133 


.126 


.127 


.176 


Sep. . . . 


.135 


.125 


.161 


.187 


.179 


.138 


.133 


.128 


.126 


.178 


Oct. . . . 


.130 


.127 


.164 


.201 


.149 


.135 


.132 


.127 


.124 


.178 


Nov. . . . 


.136 


.137 


.164 


.223 


.145 


.139 


.130 


.128 


.124 


.176 


Dec. . . . 


.119 


.150 


.176 


.228 


.138 


.144 


.134 


.129 


.133 


.176 



COPPER — Continued. 

(Electrolytic, per pound, at New York, first of month.) 

Compiled from Bradstreet's Journal, by the Babson Statistical 

Organization. 





1913. 


1914. 


1915. 


1916. 


1917. 


1918. 


1919. 


1920. 


1921. 


1922. 


Jan. . . . 


$ .177 


$ .149 


$ .130 


$ .229 


$ .295 


$ .235 


$ .230 








Feb. . . . 


.162 


.148 


.148 


.254 


.330 


.235 


.188 








Mar. . . . 


.148 


.144 


.146 


.271 


.365 


.235 


.155 








Apr. . . . 


.153 


.144 


.156 


.275 


.340 


.235 


.154 








May . . . 


.146 


.142 


.186 


.285 


.310 


.235 


.153 








June . . . 


.156 


.140 


.188 


.280 


.325 


.235 


.165 








July . . . 


.146 


.134 


.200 


.265 


.318 


.235 


.190 








Aug. . . . 


.150 


.130 


.183 


.263 


.290 


.260 


.235 








Sep. . . . 


.164 


.124 


.178 


.280 


.253 


.260 


.228 








Oct. . . . 


.169 


.118 


.180 


.285 


.235 


.260 


.215 








Nov. . . . 


.165 


.113 


.179 


.285 


.235 


.260 


.218 








Dec. . . . 


.146 


.128 


.199 


.345 


.235 


.260 


.183 































Jan. 




















1 




Feb. 


























Mar. 


























Apr. 






1 




















May 






! 




















June 






1 




















July 






1 




















Aug. 






1 




















Sep. 






1 




















Oct. 






j 




















Nov. 






1 




















Dec. 






1 




















Totals 1 





















Appendix 



213 



CRUDE PETROLEUM. 

(Per barrel, at New York, first of month.) 

Compiled from Bradstreet's Journal, by the Babson Statistical 

Organization. 





1903. 


1904. 


1905. 


1906. 


1907. 


1908. 


1909. 


1910. 


1911. 


1912. 


Jan. . . . 


$ 1.54 


$ 1.85 


$ 1.50 


$ 1.58 


$ 1.58 


$ 1.78 


$ 1.78 


$ 1.43 


$ 1.30 


$ 1.35 


Feb. 






1.50 


1.85 


1.39 


1.58 


1.58 


1.78 


1.78 


1.40 


1.30 


1.50 


Mar. 






1.50 


1.77 


1.39 


1.58 


1.63 


1.78 


1.78 


1.40 


1.30 


1.50 


Apr. 






1.50 


1.68 


1.36 


1.58 


1.78 


1.78 


1.78 


1.40 


1.30 


1.5a 


May- 






1.53 


1.62 


1.29 


1.64 


1.78 


1.78 


1.78 


1.35 


1.30 


1.55 


June 






1.50 


1.62 


1.27 


1.64 


1.78 


1.78 


1.68 


1.35 


1.30 


1.55 


July 






1.50 


1.57 


1.27 


1.64 


1.78 


1.78 


1.63 


1.30 


1.30 


1.60 


Aug. 






1.56 


1.50 


1.27 


1.61 


1.78 


1.78 


1.58 


1.30 


1.30 


1.60 


S&^.- 






1.56 


1.53 


1.27 


1.58 


1.78 


1.78 


1.58 


1.30 


1.30 


1.60 


Oct. 






1.62 


1.56 


1.51 


1.58 


1.78 


1.78 


1.58 


1.30 


1.30 


1.60 


Nov. 






1.77 


1.56 


1.61 


1.58 


1.78 


1.78 


1.53 


1.30 


1.30 


1.65 


Dec. 






1.82 


1.60 


1.58 


1.58 


1.78 


1.78 


1.48 


1.30 


1.30 


1.85 



CRUDE PETROLEUM— Continued. 

(Per barrel, at New York, first of month.) 

Compiled from Bradstreet's Journal, by the Babson Statistical 

Organization. 



1913. 



1914. 1 1915. 



1916. 



1917. 



1918. 



1919. 



1920. 



1921. 



1922. 



Jan, 
Feb. 
Mar. 
Apr. 
May 
June 
July 
Aug. 
Sep. 
Oct. 
Nov. 
Dec. 



2.00 
2.40 
2.50 
2.50 
2.50 
2.50 
2.50 
2.50 
2.50 
2.50 
2.50 
2.50 



2.50 
2.50 
2.50 
2.50 
2.00 
1.80 
1.75 
1.65 
1.45 
1.45 
1.45 
1.45 



1.45 
1.45 
1.50 
1.40 
1.35 
1.35 
1.35 
1.35 
1.60 
1.70 
1.80 
2.00 



2.25 
2.35 
2.40 
2.60 
2.60 
2.60 
2.60 
2.50 
2.30 
2.40 
2.60 
2.60 



2.85 
3.05 
3.05 
3.05 
3.10 
3.10 
3.10 
3.10 
3.50 
3.50 
3.50 
3.50 



3.75 
3.75 
4.00 
4.00 
4.00 
4.00 
4.00 
4.00 
4.00 
4.00 
4.00 
4.00 



4.00 
4.00 
4.00 
4.00 
4.00 
4.00 
4.00 
4.00 
4.25 
4.25 
4.25 
4.50 



























Jan. 


























Feb. 


























Mar. 


























Apr. 


























May 


























June 


























July 


























Aug. 


























Sep. 


























Oct. 


























Nov. 


























Dec. 


























Totals 1 





















214 



Agricultural Prices 



LUMBER. 
(Combined quotation on 1,000 feet each of yellow pine, Pennsylvania hem- 
lock and eastern spruce.) 
Compiled from Bradstreet's Journal, by the Babson Statistical 
Organization. 





1903. 


1904. 


1905. 


1906. 


1907. 


1908. 


1909. 


1910. 


1911. 


1912. 




$ 


$ 


$ 


$ 


$ 


$ 


$ 


$ 


$ 


$ 


Jan. . . . 


58.00 


61.00 


58.50 


74.00 


78.00 


68.00 


68.00 


71.00 


66.00 


71.00 


Feb. . . . 


58.00 


61.00 


59.50 


74.00 


74.00 


66.00 


69.50 


69.00 


67.50 


71.00 


Mar. . . . 


58.00 


61.00 


59.50 


74.00 


74.00 


66.00 


69.50 


69.00 


68.50 


71.00 


Apr. . . . 


58.00 


60.00 


59.50 


80.00 


70.00 


65.00 


69.00 


70.00 


70.00 


71.00 


May . . . 


59.00 


60.00 


60.00 


80.00 


71.00 


61.00 


69.00 


70.00 


70.00 


71.00 


June . . . 


59.00 


60.00 


62.25 


80.00 


71.00 


61.00 


69.00 


70.00 


70.00 


70.00 


July . . . 


59.50 


60.00 


62.00 


78.00 


71.00 


61.00 


69.00 


69.00 


70.00 


69.50 


Aug. . . . 


61.00 


60.00 


63.00 


78.00 


71.00 


61.00 


67.75 


66.00 


70.00 


70.50 


Sep. . . . 


61.00 


60.00 


67.00 


78.00 


71.00 


61.00 


70.50 


66.00 


70.00 


71.00 


Oct. . . 


61.00 


59.00 


69.00 


79.00 


71.00 


62.50 


71.00 


66.00 


70.00 


71.50 


Nov. - . . 


61.00 


59.00 


70.00 


79.00 


71.00 


64.50 


71.00 


66.00 


70.00 


72.50 


Dec. . . . 


61.00 


59.00 


73.00 


79.00 


68.00 


66.50 


71.00 


66.00 


70.00 


75.00 



LUMBER— Continued. 
(Combined quotation on 1,000 feet each of yellow pine, Pennsylvania hem- 
lock and eastern spruce.) 
Compiled from Bradstreet's Journal, by the Babson Statistical 
Organization. 



• 


1913. 


1914. 


1915. 


1916. 


1917. 


1918. 


1919. 


1920. 


1921. 


1922. 


„ - - 


$ 


$ 


$ 


$ 


$ 


$ 


$ 


$ 


$ 


$ 


Jan. . . . 


75.00 


71.50 


71.00 


80.00 


80.00 


98.50 


117.50 








Feb. 






77.00 


71.50 


71.00 


81.00 


82.00 


100.50 


119.00 








Mar. 






79.50 


71.50 


71.00 


83.00 


83.00 


100.50 


119.00 








Apr. 






84.00 


71.50 


71.00 


84.00 


83.00 


107.50 


112.00 








May 






80.00 


71.50 


71.50 


84.00 


87.00 


120.50 


112.00 








June 






79.50 


71.00 


70.50 


84.00 


86.00 


121.50 


112.00 








July 






76.50 


71.00 


70.00 


78.00 


96.00 


124.00 


112.00 








Aug. 






73.50 


71.00 


70.00 


73.75 


96.00 


124.00 


128.00 








Sep. 






73.50 


71.00 


70.50 


73.75 


96.50 


114.00 


140.00 








Oct. 






73.50 


71.00 


70.50 


73.75 


97.50 


114.00 


139.00 








Nov. 






71.50 


71.00 


72.50 


73.75 


98.50 


114.00 


144.00 








Dec. 






71.50 


71.00 


79.00 


79.00 


98.50 


117.50 


162.00 









Appendix 



215 

























Jan. . 


























Feb. . 


























Mar. . 


























Apr. . 


























May . 


























June . 


























July . 


























Aug. . 


























Sep. . 


























Oct. . 


























Nov. . 


























Dec. 


























Totals 














































Jan. 


























Feb. 


























Mar. 


























Apr. 


























May 


























June 


























July 


























Aug. 


























Sep. 


























Oct. 


























Nov. 


























Dec. 


























Totals 














































Jan. 


























Feb. 


























Mar. 


























Apr. 


























May 


























June 


























July 


























Aug. 


























Sep. 


























Oct. 


























Nov. 


























Dec. 






















1 


Totals 


















1 



216 



Agricultural Prices 























Jan. . 


















1 1 




Feb. . 


















1 1 

1 




Mar. 
























Apr. . 
























May . 
























June . 
























July . 
























Aug. . 
























Sep. . 
























Oct. . 
























Nov. . 
























Dec. 
























Totals 










































Jan. 






1 1 


















Feb. 






1 1 


















Mar. 






! 1 


















Apr. 






i 1 


















May 






I 1 


















June 






1 1 


















July 






1 1 


















Aug. 






1 1 


















Sep. 






1 1 


















Oct. 






1 i 


















Nov. 






1 1 


















Dec. 






1 1 


















Totals 


1 1 




1 




































Jan. 


























Feb. 


























Mar. 


























Apr. 


























May 


























June 


























July 


























Aug. 


























Sep. 


























Oct. 


























Nov. 


























Dec. 


























Totals 























Appendix 



217 

























Jan. 






1 1 


















Feb. 






1 




















Mar. 






1 




















Apr. 






1 




















May 






1 
1 




















June 






1 




















July 






1 




















Aug. 






1 




















Sep. 






1 




















Oct. 






1 




















Nov. 






1 




















Dec. 






1 




















Totals 1 










































Jan. 


























Feb. 


























Mar. 


























Apr. 


























May 


























June 


























July 


























Aug. 


























Sep. 


























Oct. 


























Nov. 


























Dec. 


























Totals 1 












































Jan. . 
























Feb. . 
























Mar. . 
























Apr. . 
























May . 
























June . 
























July . 
























Aug. . 
























Sep. . 
























Oct. . 
























Nov. . 
























Dec. . 
























Totals 























S18 



Agricultural Prices 

























Jan. 


























Feb. 


























Mar. 


























Apr. 


























May 


























June 


























July 


























Aug. 


























Sep. 


























Oct. 


























Nov. 


























Dec. 
























1 


Totals 1 












































Jan. . . 
























Feb. . 
























Mar. . . 
























Apr. . 
























May . 
























June . 
























July . 
























Aug. . 




1 




















Sep. . 




1 




















Oct. . 




1 




















Nov. . 




1 




















Dec. . 




1 




















Totals 1 









































Jan. 


.| 










1 ■ 








Feb. . 


.| 


















Mar. . 


.| 


















Apr. . 


•1 


















May . 


.1 


















June . 


.| 


















July . 


•1 


















Aug. . 


•1 


















Sep. . 


.| 


















Oct. . 


.| 


















Nov. . 


.| 


















Dec. . 


• -1 


















Totals 1 



















Appendix 



219 

























Jan. 
























Feb. 
























Mar. 
























Apr. 
























May 
























June 
























July 
























Aug. 
























Sep. 
























Oct. 
























Nov. 
























Dec. 




.| - 




















Totals 1 










































Jan. . . 
















i 




Feb. . . 
















! 




Mar. . . 
















1 




Apr. . . 






















May . . 






















June . . 






















July . . 






















Aug. . . 






















Sep. . . 






















Oct. . . 






















Nov. . . 






















Dec. 
Tot£ 






1 


















lis 




1 










































Jan. . . 






















Feb. . . 






















Mar. . . 






















Apr. . . 






















May . . 






















June . . 






















July . . 






















Aug. . . 






















Sep. . . 






















Oct. . . 






















Nov. . . 






















Dec. . . 






















Totals 























220 



Agricultural Prices 

























Jan. 
























Feb. 
























Mar. 
























Apr. 
























May- 
























June 
























July 
























Aug. 
























Sep. 






1 i 


















Oct 






1 i 


















Nov. 






1 1 


















Dec. 






1 1 


















Totals i 1 



















1 




















Jan. 


























Feb. 


























Mar. 


























Apr. 


























May 


























June 


























July 


























Aug. 


























Sep. 


























Oct. 


























Nov. 


























Dec. 


























Totals 1 









































Jan. . 






















Feb. . 






















Mar. . 






















Apr. . 






















May . 






















June . 






















July . 






















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Oct. . 






















Nov. . 






















Dec. . 






















Totals 1 



















Appendix 



221 























Jan. . 
























Feb. . 
























Mar. .. 
























Apr. . 
























May . 
























June . 
























July . 
























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Oct. 
























Nov. 
























Dec. 




.| 




















Totals 1 












































Jan. 
























Feb. 
























Mar. 
























Apr. 




•1 




















May 
























June 
























July 
























Aug. 
























Sep. 
























Oct. 
























Nov. 
























Dec. 
























Totals 1 












































Jan. 


























Feb. 


























Mar. 


























Apr. 


























May 


























June 


























July 


























Aug. 


























Sep. 


























Oct. 


























Nov. 


























Dec. 


























Totals 1 





















Index to Tables in Appendix 



Bacon prices, wholesale 204 

Bacon prices, retail 200 

Bran prices in Illinois 197 

Bran prices in Iowa ' . 195 

Bran prices at Kansas City 208 

Bran prices at Minneapolis 206 

Butter prices on the farm 198 

Butter prices at Elgin and Chicago 161 

Cattle grades, percentage of each slaughtered at central markets 184 

Cattle prices, average native beef, 900 to 1,900 pounds, at Chicago. . .147 
Cattle prices, average native beef, 1,200 to 1,500 pounds, at Chicago.. 148 

Cattle prices, average fat cows and heifers, at Chicago 149 

Cattle prices, average canners and cutters, at Chicago 150 

Cattle prices, average native calves, at Chicago 151 

Cattle prices, average grass-fed westerns, at Chicago 152 

Cattle prices, average feeders and stockers, at Chicago 153 

Cattle prices in Illinois 197 

Cattle prices in Iowa 195 

Cattle receipts, monthly, at six markets 172 

Cattle receipts, monthly, at Chicago 173 

Cattle shipments of stockers and feeders from Omaha 185-186 

Cattle shipments of stockers and feeders from Kansas City 189 

Cattle weights at Chicago 182 

Chicago ten-year average daily prices 126-133 

Copper prices 212 

Corn exports 193 

Corn-hog ratios by decades 120 

Corn prices in Illinois 196 

Corn prices in Iowa 194 

Corn prices, monthly, at Chicago 118-119 

Corn prices in Argentina 190 

Corn receipts, monthly, at Chicago 176 

Cottonseed meal prices at Memphis 205 

Crude petroleum prices 213 

Daily prices, ten-year averages, at Chicago 126-133 

Dun's index number, yearly 134-135 

Dun's index number, by months since 1903 135-139 

Egg prices on the farm 198 

Exports of corn 193 



Appendix 223 

Exports of pork products 191 

Exports of wheat 1^2 

Greenback currency values 125 

Ham prices, wholesale 204 

Ham prices, retail 200 

Hog prices, in Illinois 196 

Hog prices in Iowa 194 

Hog prices, heavy, at Chicago 116-117 

Hog prices, average, at Chicago 140 

Hog prices, average, at Sioux City 140 

Hog prices, light, at Chicago 141 

Hog prices, pigs, at Chicago 142 

Hog prices, top, at Chicago 143 

Hog prices, top at St. Louis 144 

Hog prices, top, at Omaha 145 

Hog prices, top, at Kansas City 146 

Hog receipts, monthly, at eleven markets 164 

Hog receipts, monthly, at six markets 165 

Hog receipts, monthly, at Chicago 166 

Hog receipts, monthly, at Kansas City 169 

Hog receipts, monthly, at Omaha 167 

Hog receipts, monthly, at St. Louis 168 

Hog receipts, monthly, at Sioux City 170 

Hog receipts, monthly, at St. Joseph 171 

Hog weights at Chicago 178 

Hog weights at Kansas City, St. Joseph and Sioux City 180-181 

Hog weights at Omaha 179 

Hog weights at St. Louis 179 

Horse prices on farms 163 

Horse prices, draft, at Omaha and Chicago 163 

Lard prices at Chicago 160 

Live stock movements, yearly, Bureau of Markets 190 

Lumber prices 214 

Middlings at Kansas City 209 

Middlings at Minneapolis 207 

Milk prices in Elgin-Chicago district 162 

Mill-feed price averages 205 

Oats prices in Illinois 196 

Oats prices in Iowa 194 

Oats prices, monthly, at Chicago 121-122 

Oats receipts, monthly, at Chicago 177 

, Packers' prices of ham and bacon 204 

Petroleum, crude, prices 213 

Pig-iron prices 211 

Potato prices on the farm 197 

Pork exports 191 

Prices, daily ten-year averages, at Chicago 126-133 



224 Agricultural Prices 

Retail prices of bacon 200 

Retail prices of butter 202 

Retail prices of corn meal 201 

Retail prices of eggs 202 

Retail prices of flour 201 

Retail prices of ham 200 

Retail prices of lard 201 

Retail prices of milk 202 

Retail prices of pork chops , 200 

Retail prices of potatoes 203 

Retail prices of rib roasts 199 

Retail prices of round steak 199 

Retail prices of sirloin steak 199 

Sheep prices, average of native lambs, at Chicago 155 

Sheep prices, average of native sheep, at Chicago 156 

Sheep prices, average of western lambs, at Chicago 157 

Sheep prices, average of western sheep, at Chicago 158 

Sheep prices, average of yearlings, at Chicago 154 

Sheep receipts, monthly, at Chicago 175 

Sheep receipts, monthly, at six markets 174 

Sheep, shipments of stockers and feeders from Omaha 187-188 

Sheep weights at Chicago 183 

Short-rib sides, prices at Chicago 159 

Shorts, prices at Kansas City 209 

Wages on city and farm 210 

Wheat exports 192 

Wheat prices at Chicago 123-124 

Wheat prices in Argentina 190 

Wool prices in Illinois 197 

Wool prices in Iowa 195 



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